Chinese vegetable grower raises $170 million in Singapore IPO

China Minzhong Food, which counts GIC as a shareholder, will become the first Chinese company to list in Singapore in two years.

China Minzhong Food Corp, a China-based vegetable grower and processor, has raised S$236.8 million $170 million from an initial public offering, and is set to become the first Chinese company in two years to list in Singapore.

As a play on Chinese consumer demand, the deal was well received and a source said the order book was dominated by high-quality institutions, including Fidelity and Prudential which came in as cornerstones, buying 6.667 million and 25 million shares respectively, or a combined 16% of the deal. The interest would also have been boosted by the fact that Government of Singapore Investment Corp is an existing shareholder in the company as are several other prominent fund management...

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