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20-06-2014, 01:19 AM
China Grand Auto gets OK for stock offering
Bloomberg | 2014/6/10
Dealership group China Grand Automotive Services Co. received approval from the Hong Kong stock exchange for an initial public offering, according to knowledgeable sources.
The Shanghai company, which is part-owned by TPG Capital, is considering selling a 15 percent stake to raise $700 million (4.4 billion yuan), the sources said.
The dealership group plans to start gauging investor demand within the next two months, they said.
Hong Kong initial public offerings have raised $6.8 billion this year, up from $4.6 billion in the same period a year earlier. According to its Web site, China Grand Auto had 400 outlets across China at the end of 2012.
The company posted sales of 73 billion yuan ($11.70 billion) that year.
A spokeswoman for China Grand Auto said she could not immediately comment.
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Rough calculation:
15% stake to raise USD 700mil, CGA valued at USD 4.6bil．
K1 stake in CGA is ard 1.6%, translating to USD 73.6 mil = SGD 92 = 4.2cts / share
Cost of K1 stake is USD 12.3 mil, gain = USD 61.3 mil = SGD 76.6 = 3.5cts / share
Bloomberg | 2014/6/10
Dealership group China Grand Automotive Services Co. received approval from the Hong Kong stock exchange for an initial public offering, according to knowledgeable sources.
The Shanghai company, which is part-owned by TPG Capital, is considering selling a 15 percent stake to raise $700 million (4.4 billion yuan), the sources said.
The dealership group plans to start gauging investor demand within the next two months, they said.
Hong Kong initial public offerings have raised $6.8 billion this year, up from $4.6 billion in the same period a year earlier. According to its Web site, China Grand Auto had 400 outlets across China at the end of 2012.
The company posted sales of 73 billion yuan ($11.70 billion) that year.
A spokeswoman for China Grand Auto said she could not immediately comment.
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Rough calculation:
15% stake to raise USD 700mil, CGA valued at USD 4.6bil．
K1 stake in CGA is ard 1.6%, translating to USD 73.6 mil = SGD 92 = 4.2cts / share
Cost of K1 stake is USD 12.3 mil, gain = USD 61.3 mil = SGD 76.6 = 3.5cts / share
