Aluminum firm sets sights on $17.2b

China's fifth-largest aluminum product maker Hongqiao Group began its roadshow yesterday to raise up to HK$17.2 billion. It is selling 1.74 billion shares at HK$7.10-HK$9.90 each.

The listing candidate is set to go public on February 11, sources said.

Hongqiao plans to use 88 percent of the proceeds from its initial public offering to expand production capacity.

Slipper maker Baofeng Modern International has priced its IPO shares at HK$2 each - the lower end of its indicative range - raising HK$700 million, sources close to the deal said.

Shanghai Pharmaceuticals Holding, meanwhile, has submitted its IPO application to the listing committee and is expected to raise about HK$8 billion in the second quarter.

China Shouguang Agricultural Product Logistic Park is expected to float shares in the second quarter as it seeks up to HK$7.8 billion.

More overseas firms are trying to tap Hong Kong, with Japanese fashion retail chain Baroque appointing CLSA and UBS to handle its bid to raise US$300 million (HK$2.34 billion), Dow Jones Newswires reported.

And luxury brand Prada is expected to decide soon whether to proceed with a local IPO. MANDY LO

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