Bawang International, the company behind China's fourth most popular shampoo brand, yesterday launched an IPO that is expected to raise up to HK$1.67 billion $215 million. The company started its roadshow at the same time as 361 Degrees International, another China consumption play that is also expected to price next week.
Bawang's IPO consists of 700 million primary shares, or 25% of the company, which are offered at a price between HK$1.95 and HK$2.38 apiece. This gives a total deal size of between HK$1.37 billion and HK$1.67 billion. A standard 15% greenshoe applies, which, if exercised, will inject another 105 million shares into the IPO, increasing the...
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