Petro-king launches Hong Kong IPO

The China-based oilfield services company seeks to raise up to $109 million from the offering with cornerstone investors taking about one-third.

Petro-king launches Hong Kong IPO

Termbray Petro-king Oilfield Services started the institutional bookbuilding on Friday for a Hong Kong initial public offering that is aiming to raise between HK$695 million and HK$847.5 million $90 million to $109 million. The retail portion of the deal opened on the same day.

Ahead of the launch, the company had signed up five cornerstone investors that committed to invest a total of $35 million in the offering. That means the cornerstone...

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