Sinopec Kantons raises $346 million for expansion and acquisitions

The top-up placement draws strong demand from a wide range of investors and prices at the mid-point of the indicative range, leading the stock to jump in the after-market.

Sinopec Kantons Holdings, an oil and gas services company, raised HK$2.68 billion $346 million from a top-up placement late last week, which it plans to use for future expansion and acquisition opportunities. The price was fixed at the mid-point of the indicative range.

The bookrunners had some visibility of anchor demand at launch and the deal drew strong additional interest on top of that. There was also good support in the wake of the transaction and the share price, which was already up 35% year-to-date, jumped 4.5% on Friday to finish at HK$7.15, comfortably above the placement price of HK$6.50. The Hang Seng Index inched up 0.1%....

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