Evergrande, Service Unit Seek About $2 Billion in Hong Kong IPO


Source: thestartmagazine.com thestartmagazine.com

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(Bloomberg) -- China Evergrande Group and its property management arm are seeking to raise as much as HK$15.8 billion ($2.04 billion) in a Hong Kong initial public offering of the unit, Evergrande Property Services Group Ltd. said Sunday. The sale of 1.62 billion shares comprises 50% new stock and 50% sale shares and the price range has been set at HK$8.50 to HK$9.75 apiece. The Shenzhen-based developer secured 23 cornerstone investors who agreed to subscribe for HK$7.2 billion of stock in the IPO. The cash raised would help Evergrande pare back a $120 billion debt pile under a more stringent...