Winsway Coking Coal raises $743M in IPO

Winsway Coking Coal Holdings Ltd, a Chinese coking coal company which is partly owned by private equity firm Hopu Investment, raised $743 million in its initial public offering in Hong Kong. Winsay sold 990 million shares at HK$3.70 ($0.47), compared with a range of HK$3.25 ($0.41) to HK$4.50 ($0.58), according to sources.

(Reuters) – Chinese coking coal logistics company Winsway Coking Coal Holdings Ltd raised $473 million when it priced its Hong Kong initial public offering near the middle of an indicated range, a source familiar with the deal said on Thursday.

Winsway, partly owned by China-focused private equity fund Hopu Investment, sold 990 million shares at HK$3.70 each, compared with a range of HK$3.25 to HK$4.50, the source said.

Winsway is one of China’s major integrated importers and distributors of coking coal accounting for around 65 percent of total Mongolian coal imported into China in 2009, based on SXcoal’s import data.

Bank of America Merrill Lynch, Deutsche Bank and Goldman Sachs are handling the IPO.

The company’s trading debut is set for Oct. 11. (US$1=HK$7.75)