Walkers acted as Cayman Islands counsel, and Baker & McKenzie as Hong Kong and US counsel, to International Mining Machinery Holdings (IMM) on its recent HK$2.54 billion (US$327 million) Hong Kong initial public offering.
IMM was formed in 2006 to acquire two existing coal mining machinery manufacturers, Jixi Coal Mining Machinery and Jiamusi Coal Mining Machinery. The company, which is backed by private equity investor Jordan Company LP, sold 520 million shares, or 40% of its outstanding share capital, at HK$4.88 per share on 3 February 2010. IMM’s shares commenced trading on the Stock Exchange of Hong Kong on 10 February.
Jordan Company has approximately US$6 billion of capital under management and targets middle market companies with enterprise values between US$100 million and US$2 billion. Jordan remains the controlling shareholder after the listing.
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