Temasek-backed Eastroc Beverage to price HK IPO at top of range; targeting HK$10.14 billion raise
The firm has offered 40.9 million H shares for the listing, putting the offer price at HK$248 apiece
[HONG KONG] Energy drink maker Eastroc Beverage said on Friday (Jan 30) it has determined to price its Hong Kong listing at the top of its offer range, aiming to raise a total of HK$10.14 billion (S$1.6 billion) from the share sale.
The firm has offered 40.9 million H shares for the listing, putting the offer price at HK$248 apiece.
Eastroc expects to announce the final offer price and the results of allocations on Feb 2. The shares will make their debut on the Hong Kong bourse on Feb 3, according to the company’s regulatory filing.
Eastroc will use the proceeds to expand production capacity, upgrade its supply chain and support brand-building, overseas expansion and potential acquisitions, the filing said.
Founded in Shenzhen in 1994, Eastroc manufactures and distributes beverages in China and has since 2023 exported its products to overseas markets, including some countries in South-east Asia, such as Vietnam and Malaysia.
Eastroc’s offering would extend Hong Kong’s listing activity, alongside companies such as Busy Ming, which surged 69 per cent in its Hong Kong debut on Jan 28.
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Cornerstone investors for Eastroc include Qatar Investment Authority, Temasek Holdings, True Light Capital, BlackRock, Tencent, HongShan Capital, according to the firm’s previous filings.
Huatai International, Morgan Stanley and UBS are the sponsors of the offering. REUTERS
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