The logo of Chinese conglomerate Fosun is seen on top of a building in Beijing on Dec 12, 2015. (GREG BAKER / AFP)
Fosun Tourism Group, a unit of billionaire Guo Guangchang’s drugs-to-insurance conglomerate, raised HK$3.34 billion (US$426 million) after pricing its Hong Kong initial public offering at the bottom of a marketed range, people with knowledge of the matter said.
The owner of luxury resort brand Club Med sold 214.2 million shares at HK$15.60 apiece
The owner of luxury resort brand Club Med sold 214.2 million shares at HK$15.60 apiece, the people said, asking not to be identified because the information is private. The shares were offered at HK$15.60 to HK$20.00 each.
ALSO READ: Fosun Tourism eyes HK$4.14b IPO in HK
Fundraising from first-time share sales in Hong Kong has more than doubled this year to US$34 billion, according to data compiled by Bloomberg. Babytree Group, also backed by Fosun International Ltd., raised US$217 million in its IPO in the city last month, the data show.
An external representative for Fosun Tourism declined to comment.
READ MORE: M&As high up on Fosun's timetable
Alibaba Group Holding Ltd., Shun Tak Holdings Ltd. and Suchuang Gas Corp. agreed to buy about US$49 million of stock in Fosun Tourism’s offering as cornerstone investors, its prospectus shows. The company expects to begin trading Dec 14.
JPMorgan Chase & Co., CLSA Ltd. and Citigroup Inc. are joint sponsors of the deal.
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