19 November 2018

HK Electric Investments IPO raises US$3.11 bln, WSJ says

Tycoon Li Ka-shing has raised US$3.11 billion in an initial public offering of his Hong Kong electricity assets in Asia’s biggest deal this year, the Wall Street Journal reported Wednesday. The IPO of Hong Kong Electric Investments was priced at the low end of an indicative range, showing investors’ growing wariness toward trust listings at a time when the United States Federal Reserve could trim its bond-buying program by another US$10 billion as soon as next week. HK Electric, an investment trust carved out from Hong Kong-listed Power Assets Holdings Ltd., sold 4.43 billion units at HK$5.45 (70 US cents) each, at the low end of the indicative price range of HK$5.45 to HK$6.30 per unit, Power Assets Holdings said. Still, it is the region’s biggest IPO since China Everbright Bank raised US$3.2 billion from a Hong Kong IPO in December, according to data provider Dealogic. HK Electric will list on the Hong Kong Stock Exchange on Jan. 29, the report said.

– Contact HKEJ at [email protected]


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