China’s Glorious to raise US$1b HK IPO

China‘s Glorious to raise US$1b HK IPO


(HONG KONG) Chinese property developer Glorious Property Holdings Ltd kicked off pre-marketing to raise about US$800 million to US$1 billion in a Hong Kong initial public offering (IPO) yesterday, according to a fund manager briefed by one of the underwriters.


The company plans to issue 2.25 billion shares, or 30 per cent of its enlarged share capital, in which 77 per cent are primary shares and the remaining existing shares, according to a sales note sent to fund managers.


The firm was scheduled to start its IPO pre-marketing from yesterday to June 27, but the formal marketing roadshow and listing timetable have not yet been fixed, according to the note.


‘The final size of the deal should depend on market conditions,’ said a source familiar with the deal. JPMorgan and Deutsche Bank are the sponsors of Glorious’s deal. — Reuters



Source: Business Times


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