SICHUAN Hidili Industry Co, the coking coal and coke producer based in the southwest Chinese city of Chengdu in Sichuan Province, may raise as much as HK$3.99 billion (US$512 million) in an initial share sale in Hong Kong, according to an e-mail sent to investors by the sale's arrangers.
Hidili is offering 600 million shares at between HK$5.05 and HK$6.65 apiece, according to the e-mail, a copy of which was forwarded to Bloomberg News. The shares are expected to be priced on September 14, the e-mail showed.
Hidili hired UBS AG to arrange the sale. Baring Private Equity Asia committed to invest US$50 million in Hidili in May, according to Asia Private Equity Review.