SHANGHAI, Sept 1 (Reuters) – CDP Group Ltd, a Chinese human resource service specialist, plans to raise $30-50 million via private fundraising before the company launches its overseas listing to expand its business, a top executive said on Monday.
CDP, which provides a wide range of human resource related services, such as payroll outsourcing and technical support for multi-national enterprises in China, plans to launch its initial public offering of shares, either in Hong Kong or the United States, within two years, said its chief executive, Wayne Wang.
CDP plans to raise $100-200 million via an overseas IPO, Wang added.
CDP's China network covers more than 60 cities, and it plans to make acquisitions to accelerate its expansion in the world's fastest-growing major economy, Wang told Reuters.
“The number of clients will see a jump next year if we can complete some acquisitions of rival firms,” he said.
In 2006, CDP receieved a combined $10 million of investments from venture capital funds of Investor AB (INVEb.ST: Quote, Profile, Research, Stock Buzz), Fidelity Asia Ventures and a Japanese investment firm.
Wang declined to say whether its initial investors will increase their investments in the planned private fund-raising next year.