China-based diversified conglomerate Legend Holdings, the parent company of corporate venturing unit Legend Capital, has filed for an initial public offering that will raise up to $3bn, IFR reported on Wednesday.
Legend plans to float in Hong Kong in the third quarter of this year, and will look to secure between $2bn and $3bn in the IPO.
Founded in 2001, Legend Capital is one of the more active China-based corporate venturing units, having backed businesses including social networking company Renren, online mapping service AutoNavi and mobile game publisher iDreamsky Technology.
Legend Holdings’ core business is computer and smartphone manufacturer Lenovo, in which it holds a 30.6% stake, but it is also the sponsor of private equity firm Hony Capital, which manages $7bn of assets, and the owner of property developer Raycom Real Estate.
The company plans to use the proceeds for strategic investments in consumer and service-related businesses, according to the IPO filing, while additional money will be put aside for the partial repayment of corporate bonds.
Financial services firms China International Capital Corp and UBS Group have been appointed joint sponsors for the IPO.