IPO sentiment blows Suntien's way

The state-owned gas distributor and wind farm operator raises $369 million ahead of its Hong Kong listing and attracts strong demand from institutions and retail investors alike.

China Suntien Green Energy Corporation has raised HK$2.87 billion $369 million ahead of its Hong Kong listing after pricing its initial public offering at the top of the indicated range. The strong demand for the deal marks a continuation of the appetite for green energy stocks, although contrary to some of the other recent IPOs, Suntien isn’t a pure solar or wind energy play.

It does have a growing wind farm business, but the state-owned company is also the leading distributor of natural gas that it buys through long-term contracts with PetroChina and then distributes through its network of pipelines to commercial, industrial or residential users in Hebei province in northern China....

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