Cleary, Shearman on Dali Foods $1.2B IPO
The snack-food company's market debut is the largest this year for a privately held Chinese concern.
November 22, 2015 at 04:07 PM
2 minute read
Cleary Gottlieb Steen & Hamilton advised Chinese snack-food and beverage company Dali Food Group Company Ltd. on its $1.5 billion initial public offering in Hong Kong.
Dali Foods, maker of cookies, cakes, herbal teas and plant-based milks, sold 1.7 billion shares at $0.68 each. In a statement, the company said it would use the money to develop new products, boost its manufacturing capacity and to fund future acquisitions.
The listing is the largest so far this year by a Chinese privately owned enterprise, according to The Wall Street Journal, and the biggest in the food sector since WH Group Ltd.'s $2.4 billion IPO in July 2014. Dalian Wanda Commercial Properties Co. Ltd. and its $4 billion offering last December is the largest ever by a private Chinese concern, the Journal reported.
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