Wednesday, October 21, 2009

Business Times: Evergrande to raise US$769m in IPO

October 20, 2009
Evergrande to raise US$769m in IPO

(HONG KONG) Chinese property developer Evergrande Real Estate Group Limited plans to raise up to US$769 million in a Hong Kong initial public offering (IPO), according to a term sheet obtained by Reuters yesterday.

The Guangzhou-based property developer, which focuses on residential properties, is selling 1.5 billion shares, including 900 million new shares and 611 million secondary shares, at a price range indicated between HK$3 and HK$4 per share, according to the term sheet.

The developer is expected to price its shares on or around Oct 28, with trading expected to begin on Nov 5. Evergrande tried to raise US$2.1 billion in a flotation in March last year but cancelled the deal due to lack of interest. BofA-Merrill Lynch, Goldman Sachs, Credit Suisse and BOC International are handling the deal.

More Chinese property IPOs are on the way, with Yuzhou Properties, Fantasia, Longfor Properties, SCE Property and Sunac China also preparing listings.

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