Everbright Int’l launches biomass unit IPO

China Everbright Greentech is first out of the gate after the Easter break with a discounted deal that aims to benefit from favourable regulation and sectoral share price gains.
Wood logs are one of the raw materials in biomass energy production.
Wood logs are one of the raw materials in biomass energy production.

China Everbright International opened the institutional order books on Tuesday for an initial public offering worth up to HK$3.3 billion $425 million for its biomass and hazardous waste treatment business.

Hoping to hitch a lift on the bullish share price run in Hong Kong of other environmental solution providers, the 560 million-share deal for China Everbright Greentech is being pitched at HK$5.18 to HK$5.9 per share. That equates to 28% of the company’s equity capital, rising to 30.9% on a post-shoe basis given an overallotment option of 84 million shares. 

The Hong Kong-listed parent, which itself is a unit of state-owned China Everbright...
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