Baoxin Auto dealership group hopes to raise 3.3B yuan in stock offering
Baoxin Auto Group Ltd., a dealership group that sells luxury brands, seeks as much as $526 million (3.3 billion yuan) in a Hong Kong initial public offering, according to a term sheet sent to investors.
The company is offering 329 million new shares and 51 million existing shares at HK$8.50 to HK$10.80 (6.9 to 8.8 yuan) each, the terms show. The Shanghai company plans to start trading Dec. 14.
Baoxin sells cars made by BMW, Land Rover, Jaguar and other luxury brands. The dealer group says profits this year will top 600 million yuan, according to a filing to Hong Kong's stock exchange. That compares with earnings of 304 million yuan last year.
Morgan Stanley and JPMorgan Chase & Co. are managing the initial public offering.
