Hilong returns with downsized IPO

Conditions have improved since the Chinese oilfield-equipment maker called off its deal last month, but it has returned to market with a reduced target amount.
Hilong's drilling pipes
Hilong's drilling pipes

Hilong Holding, a Chinese oilfield-equipment maker that cancelled its planned $190 million IPO last month, has returned to the market with a downsized deal.

The revised indicated price range is HK$2.50 to HK$3.27, compared to a HK$2.50 to HK$3.7 band the company originally set. The number of offering shares remains the same at 400 million, which means Hilong aims to raise up to HK$1.31 billion $168 million, or HK$170 million less than it first planned.

The company kicked off the bookbuilding yesterday and the market demand was said to be “very good”, according to sources.

Hilong...

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