XCMG holds off on IPO launch – again

The Chinese construction machinery maker decides not to launch a downsized deal today as planned, even after increasing the bookrunner line-up to 12 banks.
<div style="text-align:left;">
Excavators are among the machinery made by XCMG (AFP) </div>
<div style="text-align:left;"> Excavators are among the machinery made by XCMG (AFP) </div>

XCMG Construction Machinery has decided not to go ahead with its Hong Kong IPO today as initially planned, according to sources. The company, which had already delayed the launch of its institutional bookbuilding by a week, told investors on Friday that it would proceed with a smaller offering today.

The terms were never finalised, but sources said, the aim was to raise approximately $1 billion to $1.2 billion down from an earlier target of $1.5 billion to $2 billion worth of shares. The size of the deal would also be reduced from 20% of the enlarged share capital to about 15%.

But, over the weekend,...

¬ 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 (2-10 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 (2-10 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