Sunac China : Services Shares to Raise US$1 Billion From Hong Kong IPO

By P.R. Venkat

Property Management company Sunac Services will raise 7.86 billion Hong Kong dollars (US$1.01 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, has set the IPO price at HK$11.60 a share, which is at the mid-point of the earlier guided price of between HK$10.55-HK$12.65 a share, the company said Wednesday.

Shares of the company will start trading on the Hong Kong bourse from Thursday.

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

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 [e-mail]

(END) Dow Jones Newswires

11-17-20 1817ET