parts

The US-based auto parts company kicks off an offering of up to $325 million after another Hong Kong deal was pulled due to falling markets.

The auto parts company seeks to raise as much as $500 million. Meanwhile, China Harmony Auto and Wuzhou International are expected to close books today for their offerings.

The decision comes after Asian stocks tumble on the last day of bookbuilding, but the market congestion caused by two other billion-dollar offerings may also have had a negative impact on demand, sources say.