Shui On Land's IPO swells as existing owners sell

Price range for the re-launched deal set to offer 30%-35% discount to NAV. Roadshow kicks off today.

Following a warm reception during the week-long pre-marketing and amid a good response for other IPOs in the market, Shui On Land has set the terms for its IPO at levels that will result in a larger deal than anticipated a week ago.

According to sources, the deal size is now expected to range from HK$5.56 billion to HK$6.20 billion $715 million to $797 million pre-greenshoe. This is still well below the up to $989 million the...

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