Zhongsheng Group Holdings Ltd., a Chinese car dealer, raised HK$2.86 billion ($369 million) in a Hong Kong initial public offering priced near the bottom of the offered range, said a person with knowledge of the matter.
The company sold 286.2 million shares, equivalent to a 15.5 percent stake, at HK$10 each, said the person, declining to be identified before a public announcement. The stock was offered between HK$9.54 and HK$12.83 per share, the person said.
The sale values Zhongsheng, based in Dalian, northeastern China, at 14.9 times this year's earnings, or 9.9 times next year's as estimated by the banks involved in the IPO.
Zhongsheng previously hoped to raise $600 million to $1 billion, two people told Bloomberg last month.
BOC International Holdings Ltd., Morgan Stanley and UBS AG managed the sale. The stock is slated to start trading March 26.
