Nongfu seeks $8.35b in 2020's second biggest F&B IPO

It attracted five cornerstone investors who will purchase a combined $2.48b of the offering.

China bottled water giant Nongfu Spring Co. is seeking to raise as much as $8.35b in what could be the world’s second biggest initial public offering by a food and beverage company this year.

The Hangzhou-based firm is offering 388.2 million shares at $19.5 to $21.5 each in its Hong Kong share sale, according to a prospectus on the Hong Kong stock exchange website on Tuesday.

The offering attracted five cornerstone investors who will purchase a combined $2.48b (US$320m) of the offering, based on top end of the range. Fidelity International will commit $775.05m (US$100m), whilst Coatue Management will buy $620.04m (US$80m). Singapore’s sovereign wealth fund GIC Pte will chip in $542.53m (US$70m). China Structural Reform Fund and Cct-Citic Agricultural Fund plans to purchase $387.52 (US$50m) together. Orix Corp. will buy $155.01m (US$20m).

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