Huaneng Renewables seeks $1.3 billion from Hong Kong IPO

The wind-power producer and its bookrunners believe the company deserves a valuation premium to other clean-energy plays in China.

Huaneng Renewables Corporation, the wind-power unit of the nation’s largest power producer China Huaneng Group, is looking to raise HK$7.4 billion to HK$9.9 billion $965 million to $1.28 billion from a Hong Kong IPO.

The company, which will be the only pure wind-power producer among China's big industry players to list on an international market, kicked off the institutional bookbuilding yesterday and has received a positive response so far. Investor interest is supported by the company’s growth prospects and a total of $160 million of demand from high-quality cornerstones, according to sources.

Orders from the six cornerstone investors, which are all very selective in terms of their IPO investments, are...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222