Midea Group, the world’s biggest home appliance maker, is set to become the largest initial public listing (IPO) in Hong Kong in more than three years, as it aims to raise at least US$3 billion, according to a source.
The book building process is likely to start as early as Monday, according to the source who declined to be identified for discussing confidential information.
The IPO is set to be the biggest since Baidu raised US$3.08 billion in March 2021. Midea’s deal will also be Hong Kong’s largest IPO this year, surpassing tea shop giant Sichuan Baicha Baidao Industrial’s HK$2.58 billion (US$330 million) in April.
Midea started a pre-roadshow for the IPO this week, according to IFR.
The Shenzhen-listed company has appointed China International Capital Corp and Bank of America as joint sponsors.