Singapore’s Wilmar unit to raise $2 billion in China IPO

SINGAPORE (Reuters) – Singapore agribusiness Wilmar International said on Thursday its China business, Yihai Kerry Arawana (YKA), was set to raise 13.9 billion yuan ($2.06 billion) in its proposed initial pubic offering.

The issue price for the proposed listing was set at 25.70 yuan per YKA share, Wilmar said in a statement.

Strategic investors, comprising state-owned funds, sovereign wealth funds and insurance companies, have been allocated 30% of the IPO shares.

Singapore sovereign wealth fund GIC, China Life Insurance Co Ltd <601628.SS> <2628.HK>, China Structural Reform Fund and Rongze Investment Company were among the 20 strategic investors named by the company.

Although the proposed listing is to take place by mid October 2020, there is no certainty that it will proceed as it was still subject to prevailing market conditions, the firm said.

(Reporting by Aradhana Aravindan in Singapore; editing by Richard Pullin)