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Shanghai Pharma taps banks for $1.5 bln HK IPO -sources

Published 10/18/2010, 04:27 AM
Updated 10/18/2010, 04:36 AM
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HONG KONG, Oct 18 (Reuters) - Shanghai Pharmaceuticals Holding Co Ltd <601607.SS>, the Chinese partner of Roche Holding AG , plans to raise $1.2 billion to $1.5 billion in a Hong Kong IPO in the second quarter of 2011, sources close to the deal said.

Shanghai Pharmaceuticals, China's second-biggest drug company by revenue, has appointed China International Capital (CICC), Credit Suisse , Deutsche Bank and Goldman Sachs to handle its IPO, the sources said.

The company, already listed in Shanghai, said in September that it will sell up to a 25 percent stake in the offering, and plans to use most of the proceeds to acquire rival companies and sales networks at home and abroad.

(US$1=HK$7.75)

(Reporting by Kennix Chim; Editing by Ken Wills)

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