Hopewell seeks premium for infrastructure IPO

Never short on ambition, Gordon Wu hopes to price Hopewell Highway Infrastructure (HHI) at a premium to existing listed toll road operators.

Following a listing hearing on Thursday, pre-marketing is scheduled to begin next Tuesday for an IPO that should raise between $360 million and $460 million for Gordon Wu's infrastructure projects in Guangdong province. Citigroup is running the books on the deal, which represents a spin-off from Hopewell Holdings and will constitute a new share offering for 25% of the company. Existing Hopewell shareholders will also be offered one warrant for every 10 shares by way of a special dividend.

Under the current timetable, the deal will price at the very end of July and like Bank of China and China Telecom before it, will incorporate a Public Offering Without Listing POWL in Japan....

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