Midea Group Launches Up to HK$27 Billion Hong Kong IPO

Midea Group (HKG:0300, SHE:000333) launched its initial public offering in Hong Kong Monday, seeking to raise up to HK$27 billion, or about $3.46 billion, in proceeds from the deal.

The offering is said to be Hong Kong's largest in three years, surpassing Baidu's (HKG:9888) $3.08 billion IPO in March 2021.

The world's largest appliance maker is offering up to 492,135,100 shares expected to be priced between HK$52 and HK$54.80 per share, according to a Monday filing with the Hong Kong Stock Exchange.

Midea expects to determine the IPO price on Sept. 13 and disclose allocation results on Sept. 16. Shares will begin trading on the stock exchange on Sept. 17.

The appliance maker intends to use the proceeds to fund global research and development, manufacturing system and supply chain upgrades, distribution and sales network, and working capital.

COSCO SHIPPING Holdings (Hong Kong) (HKG:1919, SHA:601919), UBS AM Singapore, China Structural Reform Fund II, Golden Link, Splendor Achieve, Supercluster Universe, HCEP, GSC Fund 1 and Vision Fund 1 or the Foresight Funds, CPE Investment, Dajia Life, Metazone, Enreal AM, Vanguard Focus, PSBC Wealth, Jump Trading, MY Asian Opportunities Fund, and Pamalican Asset Management, are the joint bookrunners and lead managers of the IPO.