13-May-2016 4:39 PM
BOC Aviation releases details of planned partial IPO and listing
Bank of China issued (12-May-2016) a prospectus for its proposed spin off and separate listing of BOC Aviation Limited on the main board of the Hong Kong Stock Exchange. Details include:
- Offer price: HKD42.00 per share:
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- Offer size:
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- 208,203,000 BOC Aviation shares, representing 30% of total share capital. To be comprised:
- 104,101,500 new BOC Aviation shares;
- 104,101,500 BOC Aviation shares to be sold by Sky Splendor, an indirect wholly-owned subsidiary of Bank Of China;
- Over allotment option: Sky Splendor is expected to grant international underwriters of the international offering (a part of the global offering) an option under which Sky Splendor may be required to sell up to an additional 31,230,400 shares, representing approximately 15% of the total number of BOC Aviation shares initially being offered. The offer size will increase to 239,433,400 shares, representing 34.5% of total share capital. The over allotment option will increase the BOC Aviation shares to be sold by Sky Splendor to 135,331,900;
- BOC Aviation market capitalisation: HKD29,148 million (USD3755 million);
- Global offering size:
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- HKD8745 million (USD1126.6 million) (assuming the over-allotment option is not exercised)
- HK10,056 million (USD1295.5 million) (assuming the over-allotment option is exercised in full);
- Sky Splendor shareholding: 70.0% (assuming the over-allotment option is not exercised) and approximately 65.5% (assuming the over-allotment option is exercised in full). [more - original PR]