Huadian Fuxin IPO

Huadian Fuxin aims to raise $309 million from IPO

The renewable energy producer embarks on the institutional bookbuilding after securing cornerstone demand for up to two-thirds of the deal. Sources say anchors have agreed to take up the rest.
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Hydro and wind power are the main sources of Huadian Fuxin's power
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<div style="text-align: left;"> Hydro and wind power are the main sources of Huadian Fuxin's power </div>

Huadian Fuxin Energy, the renewable energy arm of the China Huadian group, yesterday started the institutional bookbuilding for its Hong Kong initial public offering despite lingering uncertainty about Europe and the level of economic growth in China.

Reflecting the environment, the size of the offering has been reduced compared to earlier indications and the company is now aiming to raise between HK$2.4 billion and HK$2.64 billion $309 million to $340 million. At the start of the investor education two weeks ago, bankers talked about a deal size of about $400 million to $600 million.

Its sector peers have had a mixed performance since then,...

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