Chinese bottled-water company Nongfu aims to raise $1bn in IPO

Hong Kong offering comes amid recent rush of applications, including Ant Group

Nongfu Spring, founded in 1996, has been the largest packaged drinking water supplier in China since 2012. The company also makes bottled tea and juices. © Getty Images

NARAYANAN SOMASUNDARAM, Nikkei Asian Review chief banking and financial correspondent

August 25, 2020 19:59 JST

HONG KONG -- Chinese bottled-water company Nongfu Spring is seeking to raise up to 8.35 billion Hong Kong dollars ($1.08 billion) in the city's second-largest initial public offering this year.

Nongfu's plans come as new share offerings pick up pace in Hong Kong after a lull brought on by the coronavirus pandemic. The city, which has been the world's biggest equity-listing destination in seven of the past 11 years, has seen 70 IPO applications since the start of June, with Alibaba Group Holding affiliate Ant Group also filing its application for an offering.