IPO

China Feihe’s $1.1b IPO goes for prudent pricing strategy

Listing against the backdrop of social unrest in Hong Kong, China’s largest infant milk formula maker stays cautious with pricing and leaves something on the table for prospective investors.

Infant milk formula manufacturer China Feihe is poised to give the Hong Kong stock exchange another boost following the revival of two billion-dollar flotations earlier this year, assuming it completes an initial public offering of up to HK$8.9 billion $1.1 billion next week.

Beijing-based China Feihe, which claims to be the country’s largest infant milk formula seller, is set to start retail bookbuilding for its 893.3 million-share deal on Wednesday. It will accept orders within the HK$7.5 to HK$10 indicative price range, the company announced on Tuesday.

China Feihe’s upcoming flotation will follow the likes of Budweiser APAC and ESR Cayman, which both...

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