Italy's M&G Chemicals plans Hong Kong initial public offering: report
ReutersMILAN -- Italy's M&G Chemicals is looking to raise about US$500 million through a public floatation in Hong Kong in October, the Wall Street Journal reported on Tuesday, citing two people with direct knowledge of the deal.
August 15, 2013, 11:44 am TWN
M&G, which makes PET, a chemical used for packaging soft drink bottles, had appointed Citic Securities and Deutsche Bank to handle the IPO, the Journal reported, citing sources.
It said the company last month filed an A1 form to the Hong Kong stock exchange — a formal step to apply for a listing.
M&G Chemicals was not immediately available for comment.
Stock market listings among companies in Italy have recently been dominated by upscale fashion and luxury brands.
Upmarket notebook maker Moleskine, which listed on the Milan bourse in April, was the fourth upscale Italian brand to tap the stock market in under two years, following the IPOs of fashion house Prada, shoemaker Salvatore Ferragamo and cashmere brand Brunello Cucinelli.