chinese-real-estate-agent-reduces-ipo-size-but-trades-up

Chinese real estate agent reduces IPO size but trades up

The company, which owns the franchise for the Century 21 brand in China, raises $87.4 million after pricing its US IPO at the bottom of the reduced price range.
 A Century 21 sales office in China.
A Century 21 sales office in China.

IFM Investments, which holds the China franchise for the Century 21 brand, was forced to reduce its offering price range by 20% at the low end last week to get its US initial public offering out the door. The existing shareholders who had planned to sell approximately 4.16 million American depositary shares ADS also withdrew their shares from the offering, cutting the size of the deal from 16.65 million ADS to 12.49 million.

The deal was in the market at a challenging time with significant selloffs in secondary markets globally, muted appetite for IPOs and speculation that China will continue to tighten property market regulations to calm speculative transactions and that it is also...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222