Sateri Holdings Says $600 Million Hong Kong IPO on Track

Sateri Holdings, a speciality cellulose maker, is pushing ahead with its Hong Kong stock market listing plan, the company said on Thursday.

Sateri, controlled by Indonesian tycoon Sukanto Tanoto and his family, plans to raise up to $600 million by selling 505.33 million shares in a range of HK$6.60 to HK$9.20 each.

Two Hong Kong IPOs worth more than $3 billion were pulled on Wednesday after stock markets around the world took a beating because of tensions in Korea and Ireland's debt problems.