WH Group is restructuring its initial public offering in Hong Kong after a difference of opinion between issuer and investors about where the shares should price. The Chinese pork producer unveiled a slimmed down deal of $1.34 billion to $1.88 billion, excluding any potential greenshoe allotment.
The group halved the primary share deal to 10% of its issued share capital, or 1.3 billion shares, and scrapped a secondary share tranche altogether. The price range remains the same at HK$8 to HK$11.25 per share, equal to about 13.9 times to 19.3 times forward earnings.
Final pricing is set for April 29.