US-based Nexteer Automotive eyes Hong Kong IPO

The auto parts company seeks to raise as much as $500 million. Meanwhile, China Harmony Auto and Wuzhou International are expected to close books today for their offerings.

US-based Nexteer Automotive eyes Hong Kong IPO
Nexteer is a global leader in advanced steering and driveline systems

Bankers are set to start pre-marketing today June 5 for the Hong Kong initial public offering of Nexteer Automotive, a Michigan-based steering and driveline systems supplier that is seeking to raise about $400 million to $500 million, a source says.

The company was formerly part of Delphi and General Motors, before GM sold it to China-based Pacific Century Motors in 2010. Chinese state-owned parts manufacturer AVIC Automobile Industry Holding then acquired a 51% stake in...

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