Home Credit Drops Hong Kong IPOWilliam Malcolm
Petr Kellner’s Home Credit announced it has canceled its planned initial public offering on the Hong Kong Stock Exchange.
“Home Credit Group is announcing that due to market conditions it has decided not to continue the process towards a global stock offering of its wholly-owned subsidiary Home Credit NV on the Hong Kong Stock Exchange,” the group said today.
In the summer, Reuters said the company wanted to get at least a billion US dollars (roughly CZK 22.7 billion) from its primary public offering. However, the intended global public offering was conditional, among other things, on the approval of the Hong Kong Stock Exchange, the final decision of the Home Credit and HCBV Group bodies, market conditions, and other factors.
The majority owner of Home Credit is Petr Kellner’s PPF group, with a stake of 91.12 percent. A smaller part (8.88 percent) belongs to the company EMMA OMEGA, which is controlled by entrepreneur Jiří Šmejc.
Home Credit Group was founded in 1997 and is now one of the world’s largest consumer credit companies. It operates in China, Russia, Kazakhstan, the Czech Republic, Slovakia, India, Indonesia, Vietnam, and the Philippines.