Hutchison Telecom Cuts Its IPO Target
Hutchison Telecommunications International Ltd., which sells mobile phone services in India, Hong Kong and six other countries, cut its initial public offering target on concern among investors that Asian telephone stocks would lag behind the overall market.
The telecom company’s parent, Hutchison Whampoa, said it planned to raise as much as $1.1 billion selling 25.7% of the unit. Bankers involved in the sale had estimated in June that the company would raise $1.5 billion to $2 billion in the IPO.
Hutchison Whampoa is based in Hong Kong and controlled by Asian billionaire Li Ka-shing.
Hutchison Telecom is offering 1.2 billion shares in Hong Kong trading.
The American depositary shares, each representing 15 Hong Kong-traded shares, are being offered at $12.67 to $14.67 each, with pricing on Oct. 7 and trading in New York to start on Oct. 14.
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