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    600887   CNE000000JP5

INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD.

(600887)
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China Youran Dairy starts HK IPO process to raise up to $800 million - sources

05/18/2021 | 02:30am EDT

HONG KONG (Reuters) - China Youran Dairy Group started briefing investors on Tuesday as it looks to raise up to $800 million in its Hong Kong initial public offering (IPO), according to two sources with direct knowledge of the matter.

The company, backed by private equity group PAG, is expected to launch the deal next week, the sources added.

A final agreement on the size of the fund-raising will be made following the initial discussions with investors, they said.

Youran Dairy did not immediately respond to a request for comment from Reuters.

The sources could not be named as the information was not yet made public.

A pre-deal term sheet seen by Reuters shows the company plans to sell 15% of its shares in the IPO which would value it at more than $5.3 billion.

It plans to use the cash raised to expand its breeding herd and ramp up feed and raw milk production, according to its filings with the Hong Kong stock exchange.

Youran Dairy's IPO was approved by the stock exchange's listing committee last week, allowing it to start the IPO process.

It purchased two farming hubs located in Ying and Yutian counties for NZ$513 million owned by New Zealand's Fonterra last year.

PAG owns 42.89% of Youran Dairy while Inner Mongolia Yili Industrial Group holds a further 40% and the filing showed PAG will not be a controlling shareholder following the deal.

PAG has held its stake in Youran Dairy since 2015.

(Reporting by Scott Murdoch in Hong Kong; Additional reporting Sophie Yu in Beijing; Editing by Muralikumar Anantharaman)

By Scott Murdoch


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CLASS III MILK FUTURES (DC) - CMG (ELECTRONIC)/C1 0.00% 17.9 End-of-day quote.13.67%
CLASS IV MILK?FUTURES (GDK) - CMG (ELECTRONIC)/C1 0.12% 17.05 End-of-day quote.23.64%
DRY WHEY?FUTURES (DY) - CMG (ELECTRONIC)/C1 0.23% 54.85 End-of-day quote.23.81%
INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD. 0.47% 38.18 End-of-day quote.-13.95%
NONFAT DRY MILK FUTURES (GNF) - CMG (ELECTRONIC)/C1 0.00% 136.25 End-of-day quote.20.39%
S&P GSCI CLASS III MILK (USD) 3.10% 149.1268 Delayed Quote.8.92%
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Financials
Sales 2021 110 B 17 135 M 17 135 M
Net income 2021 8 745 M 1 367 M 1 367 M
Net Debt 2021 2 137 M 334 M 334 M
P/E ratio 2021 26,6x
Yield 2021 2,56%
Capitalization 232 B 36 323 M 36 302 M
EV / Sales 2021 2,14x
EV / Sales 2022 1,92x
Nbr of Employees -
Free-Float 82,4%
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Inner Mongolia Yili Industrial Group Co., Ltd. Technical Analysis Chart | MarketScreener
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Mean consensus BUY
Number of Analysts 27
Last Close Price 38,18 CNY
Average target price 50,01 CNY
Spread / Average Target 31,0%
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Managers and Directors
Gang Pan Chairman & President
Cheng Xia Zhao Chief Financial Officer, Executive Director & VP
Jian Qiang Li Chairman-Supervisory Board
He Ping Peng Independent Director
Shao Ji Independent Director