By P.R. Venkat

Property Management company Sunac Services is planning to raise up to 8.73 billion Hong Kong dollars (US$1.13 billion) through an initial public offering in Hong Kong, as the fundraising market in the city remains strong and vibrant.

The company, a unit of Sunac China Holdings, is planning to sell a total of 690 million shares at a price range of between HK$10.55-HK$12.65 a share, the company said Monday.

The final IPO price will be determined on Thursday with an aim to see the shares trading on the Hong Kong bourse from Nov. 19.

More than half of the proceeds from the IPO would be used toward strategic investment and acquisition opportunities, the company said.

The company is tapping the Hong Kong market during a period of heightened activity in the financial hub, with the city attracting Chinese companies involved in businesses ranging from pharmaceuticals to property and tobacco.

HSBC, Morgan Stanley, Citigroup are among the banks acting as advisers for the IPO.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

11-08-20 1856ET