Bluestar Adisseo To Raise 1.6B Yuan From HK IPO

November 20 -- Bluestar Adisseo Nutrition Group (Adisseo) plans to raise no more than 1.56 billion yuan through the issue of 2.3 billion shares in its initial public offering (IPO)at a price of between HK$3.5 and HK$5.25 per share, reports Shanghai Securities News, citing parent company ChemChina.

ChemChina revealed that Adisseo has obtained approval for its IPO application from the Hong Kong Stock Exchange.

Adisseo will use 40 percent of the funds raised from the IPO to expand its European factories and another 40 percent will be used to enlarge its animal nutrition business.

Adisseo is a world leader in the nutritional feed additive industry and has production bases in France, Spain and the U.S..