(Bloomberg) -- China Resources Beverage Holdings Co. is slated to price its initial public offering at the top of the range to raise about HK$5 billion ($649 million), people familiar with the matter said, reflecting keen demand for one of Hong Kong’s biggest listings this year.
The owner of the C’estbon water brand is likely to sell 347.8 million shares at HK$14.50 each, the people said, asking not to be identified discussing private information. The company plans to list shares on Oct. 23.
Order books for the offering closed Thursday, a day earlier than anticipated, and were multiple times oversubscribed, the people said. The strong demand triggered the clawback mechanism, according to the people, meaning that 40% of the shares on offer will go to retail investors.
China Resources Beverage didn’t respond to a request for comment.
China Resources Beverage has said it will use the proceeds in areas such as expanding production capacity and on sales and marketing. It attracted $310 million in commitments from cornerstone investors, which agree to hold shares for at least six months.
IFR reported earlier Friday that the beverage maker plans to price the IPO at the top of the range.
Chinese share sales have revived recently, led by Midea Group Co.’s $4.6 billion listing last month and buoyed by a rally in equity markets. Horizon Robotics, a provider of software and hardware used in autonomous driving systems, is also planning to list next week, seeking to raise as much as $696 million.
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