Shampoo maker Bawang eyes $300 mln HK IPO-paper

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HONG KONG, Feb 4 (Reuters) - Chinese herbal shampoo maker Bawang International plans to raise up to $300 million in an initial public offering in Hong Kong during the first half, the Hong Kong Economic Journal reported on Wednesday.

Bawang, with products ranging from shampoo to toothpaste, body wash and hair care, filed a listing application in January, the newspaper said, citing sources. It aims to raise capital to fund research and development, and expand its production capacity and distribution network.

Morgan Stanley and HSBC are the sponsors of the share sale, the newspaper added. It gave no further listing details.

The IPO market in Hong Kong and elsewhere has virtually stalled in recent months amid a severe downturn in global markets.

Despite the difficult environment, some firms are preparing to brave the market. Real Gold Mining aims to raise $132 million in an IPO later in February. (US$1=HK$7.8)