Steering system supplier Nexteer plans to IPO get into the stock market in Hong Kong, and it may raises capital fund of US$500mn.
Two people familiar with the situation released, Nexteer has submitted application for the sale of shares for Hong Kong Stock Exchange. The company may IPO get into the stock market from the second quarter this year. The shares issued this time may raise capital fund of US$500mn for the company. Now Bank of China International and JP Morgan chase has started to settle the share sale.
Nexteer was the subsidiary of General Motors (GM) before, and it was sold to China Pacific Century Co, which was founded by Air China Automotive Industry Holding Co. Ltd. Air China held 51% shares of Nexteer by China Pacific.
Nexteer designs, produces and sells electric power steering gears, hydraulic power steering gears, steering columns and transmission shafts for more than 60 automaker. The company has 3 sole proprietorship and joint factories in China, and sets research centers in Beijing and Suzhou. Its Asia-Pacific headquarters is located in Shanghai.
