World Economy

Public Offering

Public OfferingPublic Offering

Chinese automaker BAIC Motor, part-owned by Germany’s Daimler AG hopes to raise between $1.22b-$1.57b in its Hong Kong initial public offering (IPO). BAIC is offering shares in a range of HK$7.60-HK$9.80 each, which translates into a 2015 price-to-earnings multiple of 6.3 to 8.3, IFR, a Thomson Reuters publication, said. Cornerstone investors have committed between $700-800 million to the IPO, the report added.