Major Italian chemical group plans Hong Kong IPO

M&G Chemicals aims to list a minority stake.

Sources said Italy's second-largest chemicals group plans the Hong Kong IPO this autumn, probably September, and intends to raise cash to fuel an overseas expansion.

Some 30% of the company could be floated. Media reports said M&G could raise some US$500 million through the IPO.

M&G last month filed an A1 form to the Hong Kong stock exchange, which is a formal step to apply for a listing.

M&G would be the first major Italian firm to list in Hong Kong since Prada in June 2011.