Petro-king to do Hong Kong IPO

Pre-marketing begins for IPO that aims to raise $100 million.

Termbray Petro-king Oilfield Services, a Chinese oil and gas technology services company, is expected to kick off the roadshow on February 22 and the final price should be set on February 27.

Listing on the Hong Kong main board is set for early March. CCB International, China Galaxy and CIMB are joint bookrunners for the deal. The company plans to use the proceeds to finance business expansion.

Analysts said the deal is another sign that IPO activity is returning to Hong Kong after the Lunar New Year holidays last week. The deal flow slowed prior to the holidays.

Petro-king is a comprehensive oil and gas field technology service company specializing in well drilling and completion. Its services include technical consultation, project management, well drilling, completion, stimulation and production of surface and testing equipment.

Among its major clients are Sinopec, CNOOC, PetroChina, Shell, BP, Rosneft, ConocoPhillips, CACT Operators Group and Devon.

The IPO volume in Hong Kong stands at $788 million so far this year. About hald of this came from Chinalco Mining Corporation International’s $399 million offering in January.


 

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!