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WH Group scraps Hong Kong IPO plans

By: Renaissance Capital
Posted: 4/29/2014 10:41:00 AM
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WH Group, the world's largest producer of packaged pork, fresh pork and hogs, scrapped its Hong Kong IPO plans on Tuesday citing market conditions and volatility. The company originally planned to raise HK$35 billion ($4.5 billion) by offering 3.7 billion shares (20% insider) at HK$8.00 to HK$11.25 per share, but cut its IPO shares to 1.3 billion, removed insider selling and delayed its pricing date last week. BOC International, Morgan Stanley, Standard Chartered, CITIC Securities, Goldman Sachs, UBS and DBS were set to be the joint sponsors on the deal.