Nexteer to start weighing demand for IPO this week

Article by Anita Panait, on June 4, 2013

Nexteer Automotive Corp. is planning to start measuring demand for an initial public offering (IPO) this week, two people privy with the matter told Bloomberg. According to the sources, Nexteer is seeking to raise around $400 million from the initial share sale. The sources told Bloomberg that the company may commence trading in Hong Kong late June or early July.

Reports over Nexteer’s planned IPO first surfaced in March 2013, when the company was speculated to be aiming to raise $500 million. According to Bloomberg’s sources, BOC International Holdings Ltd. and JPMorgan Chase & Co. are arranging the share sale.

Nexteer was originally part of Delphi Corp.'s spinoff from General Motors in 1999. The company, however, went back to GM after Delphi succumbed to Chapter 11 bankruptcy. GM sold Nexteer in 2010 to Pacific Century Motors, a firm backed by the Beijing municipal government. China’s largest aerospace company, Aviation Industry Corp., currently owns 51 percent of Nexteer through unit AVIC Automobile Industry Holding Co. [source: automotive news - sub. required]

If you liked the article, share on:

Topics: ipo

Comments

Recommended

November 17 is considered a very special day for Tesla, as this is the day that they revealed the highly anticipated Tesla Semi. But Elon Musk did not think the...
by - November 17, 2017
More details have emerged about the new sixth generation of the BMW M3 just as the German premium practically announced the end of the current-gen 3 Series with the unveiling...
by - November 17, 2017
All is set for Volkswagen’s plans to enter the electric vehicle game, as prompted by the so-called Dieselgate scandal. In fact, the German carmaker has already made a commitment to...
by - November 17, 2017
As BMW has already revealed, the next generation of the BMW M5 (F90) is a four-wheel drive high-performance sedan with overwhelming power output and torque at its disposal. However, it...
by - November 17, 2017
McLaren unveiled a one-off Gold - on - Black 720S at the 2017 Dubai Motor Show which will be on display throughout the entire stretch of this week’s event. The...
by - November 16, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries