Wahaha is planning public offering: Bloomberg

Hangzhou Wahaha Group is considering an initial public offering (IPO) that could raise up to USD 1.00 billion, people familiar with the matter told Bloomberg.

According to the sources, China’s largest drinks manufacturer is hoping to be publicly listed as soon as next year and the business is working with an advisor on preparations for the share sale.

The business has been considering Hong Kong as a possible bourse, the insiders noted, cautioning that no final decision has been made.

Preparations for the potential IPO are still in the early stages and details such as the size and timing may change, the people told Bloomberg.

Founded in 1987, Wahaha has roughly 150 subsidiary companies, 60 manufacturing bases and 30,000 workers scattered throughout China.

It has grown into a food and beverage giant with products ranging from bottled water, yogurt drinks and juice to instant noodles.

Wahaha’s goods are also available in Canada, Singapore and the US.

Bloomberg observed that fellow Hangzhou-based bottled water company Nongfu Spring is also seeking a first-time share sale, filing in Hong Kong in late April and planning to raise USD 1.00 billion in proceeds.

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Zephyr, the M&A database published by Bureau van Dijk, shows there were 308 IPOs of Chinese companies announced worldwide in 2020 to date.

In the largest of these, China Three Gorges Renewables Group is issuing new shares via a listing on ChiNext Board of Shenzhen Stock Exchange to raise CNY 25.00 million (USD 3.54 billion).

China Bohai Bank announced plans to go public on the Main Board of the Hong Kong Stock Exchange, seeking HKD 14.34 billion (USD 1.85 billion).

Sichuan Langjiu, Qi An Xin Technology Group, Shengyi Electronics and Jiangsu Cai Qin Technology, among others, have also unveiled plans for IPOs in the year so far.

© Zephus Ltd



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