COFCO Meat, a subsidiary of China-based agricultural conglomerate COFCO Group backed by KKR and Baring Private Equity Asia, has raised HKD1.95 billion (approximately US$251 million) in its IPO on the Hong Kong Stock Exchange. The company sold 975.6 million shares for HKD2 (approximately US$0.26) a share. KKR and Baring Private Equity Asia did not dispose of any shares but had their stakes diluted to 15 percent and 6.75 percent, respectively.