The Hong Kong listing of China Zhong Wang, a maker of aluminium products, could raise $1.6bn and become the world's biggest initial public offering since last summer, according to people familiar with the matter.
The planned IPO is easily the largest since the onset of the global financial crisis last September and its progress over the next few weeks will be scrutinised by market participants eager for signs of renewed investor appetite for new issues.
Privately-held Zhong Wang plans to sell 1.4bn shares, or 26 per cent of its enlarged share capital, at HK$6.80-HK$8.80 and could also issue a further “greenshoe” allocation – shares in excess of the original amount offered – depending on investor demand.
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