Two of Legend Holdings' investment units have exited the tyre manufacturer through the initial public offering, after taking part in a $15m round in 2010.
China-based tyre manufacturer Shandong Linglong Tyre Co raised approximately RMB2.6bn ($390m) yesterday when it floated on the Shanghai Stock Exchange, giving an exit to conglomerate Legend Holdings, China Money Network has reported.
Founded in 1975, Linglong Tyre manufactures a range of tyres, exporting them to around 180 countries. Legend subsidiaries Legend Capital and Hony Capital were among the investors in a $15m round for the company in 2010.
Linglong Tyre issued 200 million shares priced at RMB12.98 each, having initially…
