ESR Cayman logo

1821 - ESR Cayman News Story

HK$19.52 0.1  0.5%

Last Trade - 07/08/20

Large Cap
Market Cap £5.84bn
Enterprise Value £7.37bn
Revenue £271.8m
Position in Universe 222nd / 5983

ESR price $1.6bln IPO at mid point of guided range - sources

Sat 26th October, 2019 12:19pm
By Scott Murdoch
    HONG KONG, Oct 26 (Reuters) - ESR Cayman  1821.HK , the
industrial property investor, has priced its shares at $HK16.80
each after its initial public offering (IPO) book build was
finalised on Friday, two sources with direct knowledge of the
matter said.
    The Warburg Pincus-backed company will start trading on the
Hong Kong Stock Exchange on Nov. 1 after it raised $1.6 billion
in its second attempt to list on the public markets.*:nL3N27A25U
    The company had given prospective investors guidance the
shares would be priced between $HK16.20 and $HK17.40 before the
bookbuild took place.
    ESR Cayman and its main advisers, Morgan Stanley and
Deutsche Bank, agreed last night to issue the new stock at
HK$16.80, two sources confirmed. 
    The sources could not be named because the information was
not yet made public. 
    The final pricing which was in line with guidance delivered
earlier on Friday.
    ESR initially targeted raising up to $1.45bln but increased
the size of the deal to $1.6bln because of the demand from
investors. Sources said the book was multiple times
oversubscribed and investor allocations are being carried out
    ESR this week relaunched its IPO following a failed attempt
in June that would have been worth up to $1.24 billion.*:nL3N27607G
    At the time ESR, which manages a range of property-focused
funds and its own property investments, cited market conditions
as the reason for pulling the deal.
    An ESR Cayman spokesman was not immediately available for
comment. Morgan Stanley and Deutsche Bank spokeswomen declined
to comment.
    Earlier, household appliances maker JS Global Lifestyle
Company Ltd 1691.HK pulled its initial public offering of up to
HK$3.62 billion ($464 million), two sources told Reuters.

 (Reporting by Scott Murdoch;
Editing by Alison Williams)
© Stockopedia 2020, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.