Huaneng Renewables IPO

Huaneng's wind power unit raises $800 million ahead of HK listing

Huaneng Renewables allocates 93.5% to institutional investors after the retail tranche of its IPO is undersubscribed.
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Huaneng Renewables is aiming to raise its wind power capacity to 5.1GW this year from 3.5GW at the end of 2010. (AFP)</div>
<div style="text-align:left;"> Huaneng Renewables is aiming to raise its wind power capacity to 5.1GW this year from 3.5GW at the end of 2010. (AFP)</div>

Huaneng Renewables, the wind power unit of China’s largest power producer, China Huaneng Group, has raised HK$6.23 billion $800 million from its second attempt at a Hong Kong initial public offering.

The company’s first effort in December last year was called off before pricing partly due to a competing IPO from a key mainland rival, Datang Renewable, that was offered at a cheaper valuation. So it was probably with some satisfaction that Huaneng was able to price its re-launched and scaled-down offering at a premium to that same competitor.

The company achieved this even after pricing the deal in the lower half of the range at...

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