Petro-king launches Hong Kong IPO

The China-based oilfield services company seeks to raise up to $109 million from the offering with cornerstone investors taking about one-third.
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Part of Petro-king's fleet of hydraulic fracturing trucks
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<div style="text-align: left;"> Part of Petro-king's fleet of hydraulic fracturing trucks </div>

Termbray Petro-king Oilfield Services started the institutional bookbuilding on Friday for a Hong Kong initial public offering that is aiming to raise between HK$695 million and HK$847.5 million $90 million to $109 million. The retail portion of the deal opened on the same day.

Ahead of the launch, the company had signed up five cornerstone investors that committed to invest a total of $35 million in the offering. That means the cornerstone tranche accounts for between 32% and 39% of the deal, depending on the final price.

The investors are Minmetals Private Equity $10 million, Value Partners $10 million, Everbright Private Equity...

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