Yongda Auto extends IPO bookbuilding until Monday

The Chinese BMW dealership postpones pricing by three days in an attempt to salvage the $306 million deal amid weak demand. Terms remain unchanged.

Yongda Auto extends IPO bookbuilding until Monday
A new BMW on display at a China auto show last month (AFP)

China Yongda Automobiles Services Holdings, which was due to price its initial public offering after the US market close on Wednesday, has extended the institutional bookbuilding until Monday as it tries to find additional demand to complete the deal, sources say. The company, which is the number one BMW dealer in China, has made no changes to the original terms, so the deal size is still between HK$2.37 billion and HK$3.37 billion $306 million to $435...

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