The deal size could be increased to US$4.6 billion later on if an overallotment option is exercised. Cornerstone investors, who commit to keeping shares for at least six months, have agreed to buy US$1.26 billion in Midea stock, amounting to more than a third of the offering.
Chinese appliance giant Midea Group raised US$4 billion ($5.2 billion) in its Hong Kong listing in an enlarged deal that was priced at the top of the marketed range, in a show of demand for the city’s biggest share sale in over three years.
The Foshan, China-based company sold shares at HK$54.80 ($9.13) apiece, it said in a statement to the Hong Kong stock exchange on Friday, confirming an earlier Bloomberg News report. The listing is scheduled to take place in Hong Kong on Tuesday. Midea sold 566 million shares after exercising an option to boost the size of the offering by 15% due to strong demand, it said.
