News of Organic Industry
Feb 19 (Reuters) - Inner Mongolia Shengmu High-Tech Dairy plans to raise up to $800 million in a Hong Kong initial public offering as soon as the second quarter of the year, IFR reported on Wednesday, citing sources familiar with the deal.
BOC International and Goldman Sachs will manage the IPO for the company, which produces organic milk, added IFR, a Thomson Reuters publication. The deal could grow to $1 billion depending on market conditions and if the company beats profit growth expectations, IFR said, citing one source.
The deal comes on the heels of two dairy listings in Hong Kong last year, with YuanShengTai Dairy Farm, China's fourth-biggest raw milk producer, raising $425 million in November and China Huishan Dairy's $1.3 billion offering in September.
YuanShengTai is down 28 percent since listing, while Huishan Dairy is trading 1.1 percent above the IPO.
(Reporting by Fiona Lau of IFR; Writing by Elzio Barreto; Editing by Matt Driskill)
Tags: Chinese organic , organic diary , Hongkong organic