Hong Kong IPOs get away with a protest discount

Topsports International Holdings

04/11/2019 05:30

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are his own.)
    By Alec Macfarlane
    HONG KONG, Nov 4 (Reuters Breakingviews) - Warehouse owner
ESR is the latest issuer to pull off a $1 bln-plus debut,
despite months of anti-government demonstrations that have left
investors jittery. Alibaba's plans may be back on track too. But
the welcome has been tepid, and may be reserved for blue-chip
sellers.
    Full view will be published shortly.
    On Twitter https://twitter.com/AlecMac11
    
    CONTEXT NEWS
    - Shares in ESR Cayman, which develops and manages
warehouses for e-commerce companies, closed 5.4% above their
initial public offering price on Nov. 1. ESR’s shares closed at
HK$17.7, above their offer price of HK$16.8 a share, the
mid-point of a marketed range. 
    - The company, which is backed by investors including
private equity firm Warburg Pincus, raised $1.6 billion in a
relaunched IPO. A first attempt in June, ultimately shelved,
would have raised up to $1.2 billion. 
    - The listing follows market debuts in Hong Kong by
companies including Anheuser-Busch InBev’s Asia-Pacific unit and
Chinese sportswear retailer Topsports International, despite
months of anti-government protests in the city. 
    - For previous columns by the author, Reuters customers can
click on  MAC/ 
    - SIGN UP FOR BREAKINGVIEWS EMAIL ALERTS: http://bit.ly/BVsubscribe
 

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Warburg-backed ESR shares rise over 7% in Hong Kong debut after
$1.6 bln IPO     urn:newsml:reuters.com:*:nL3N27H0GO
BREAKINGVIEWS - Warehouse IPO reroutes Asian investment bank
fees     urn:newsml:reuters.com:*:nL3N276072
BREAKINGVIEWS - Hong Kong seeks new traffic cop for wonky market
    urn:newsml:reuters.com:*:nL3N270099
BREAKINGVIEWS - Chinese sportswear IPO races to buyout return   
 urn:newsml:reuters.com:*:nL3N26P0F9
ESR HKEX announcement    https://www1.hkexnews.hk/listedco/listconews/sehk/2019/1031/2019103100162.htm
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Editing by Clara Ferreira Marques and Katrina Hamlin)
 ((alec.macfarlane@thomsonreuters.com; Reuters Messaging:
alec.macfarlane.thomsonreuters.com@reuters.net))