Winsway Coking Seeks up to US$574 Mln in HK IPO

Chinese coking coal logistics company Winsway Coking Coal Holdings Ltd, plans to raise up to $574 million from an Hong Kong initial public offering, a term sheet obtained by Reuters showed on Monday.

Winsway, partly owned by China-focused private equity fund Hopu Investments, is selling 990 million shares at HK$3.25 to HK$4.50 each, the term sheet said.

Winsway is one of China's major integrated importers and distributors of coking coal accounting for around 65 percent of total Mongolian coal imported into China in 2009, based on SXcoal's import data.

Bank of America Merrill Lynch (BAC.N: Quote), Deutsche Bank (DBKGn.DE: Quote) and Goldman Sachs (GS.N: Quote) are handling the IPO.