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

The Bentley Bentayga is set to participate in the famous Pikes Peak International Hill Climb that is slated to take place on June 24th in Colorado. The automaker’s motorsport department...
by - January 19, 2018
Infiniti will commence sales of the new 2019 Infiniti QX50 in the spring, with a starting price of $36,550. But before the big launch, Infiniti has introduced a new reservation...
by - January 18, 2018
BMW fans may be surprised with what the car manufacturer’s boss Robert Irlinger said in a recent interview with Autocar during a recent media meeting. And this is the fact...
by - January 18, 2018
Currently, there aren’t any Lexus convertibles out in the market, but it seems like it won’t be too long until we see one again. This is because Toyota’s premium brand...
by - January 18, 2018
Hyundai revealed to the press that it doesn’t plan on breaking any kind of top speed records with its newest N performance line. That is because the brand mainly focuses...
by - January 18, 2018
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