US-based Nexteer Automotive eyes Hong Kong IPO

The auto parts company seeks to raise as much as $500 million. Meanwhile, China Harmony Auto and Wuzhou International are expected to close books today for their offerings.
<div style="text-align: left;">
Nexteer is a global leader in advanced steering and driveline systems
</div>
<div style="text-align: left;"> Nexteer is a global leader in advanced steering and driveline systems </div>

Bankers are set to start pre-marketing today June 5 for the Hong Kong initial public offering of Nexteer Automotive, a Michigan-based steering and driveline systems supplier that is seeking to raise about $400 million to $500 million, a source says.

The company was formerly part of Delphi and General Motors, before GM sold it to China-based Pacific Century Motors in 2010. Chinese state-owned parts manufacturer AVIC Automobile Industry Holding then acquired a 51% stake in Nexteer’s owner, Pacific Century Motors, according to Nexteer.

Through the IPO, the company plans to sell 30% of the company, and all shares will be new, the source says, adding that...

¬ 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 subscription (2-5 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 subscription (2-5 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