Cleary Gottlieb Steen & Hamilton, Shearman & Sterling, King & Wood Mallesons, Jingtian & Gongcheng and Maples and Calder have scored advisory roles on Dali Foods Group Company’s Hong Kong IPO, which is targeting to raise up to $1.3 billion.
Dali Foods, one of China’s biggest producers of snacks and beverages, plans to offer 1.7 billion shares at an indicative price range of HK$5.00 to HK$6.15, according to a report from IFR, a Thomson Reuters publication. Pricing for the share sale is scheduled on Nov. 13.
The Chinese snack maker got around $305 million in commitments from cornerstone investors including JIC Dessert Laboratory ($150 million), fund manager Arisaig Asia ($80 million) and Longbow Securities ($75 million). The three investors will be unable to sell their Dali Foods shares until six months after the IPO.
Cleary Gottlieb, led by partner Freeman Chan, is representing Dali Foods on its listing, while Jingtian & Gongcheng is advising on Chinese law. Dali has also tapped Maples and Calder as its legal advisor on Cayman Islands law.
A team from Shearman & Sterling, headed by partners Paloma Wang and Colin Law, is acting for the underwriters, which include Merrill Lynch Far East, Merrill Lynch International and Morgan Stanley Asia. King & Wood Mallesons is advising the banks on the Chinese law aspects of the deal.
