SBI Holdings, a Japanese internet-based financial services group, is looking to raise up to HK$2.55 billion $327 million from the first ever sale of Hong Kong depositary receipts. The company, which kicked off its institutional roadshow on Monday and will open the retail offering today, is not the first company to list HDRs, but since Brazilian iron ore producer Vale listed its HDRs through an introduction and didn’t issue any new shares, this will be the first real test of whether investors are willing to buy these new instruments.
If successful, SBI will also be the only Japanese company to be listed in Hong Kong. However,...
¬ Haymarket Media Limited. All rights reserved.
