IPO

ESR relaunches $1.45b HK flotation as stock market unfreezes

The revival of the Warburg Pincus-backed firm's delayed June initial public offering shows that social unrest has not dented confidence in Hong Kong's IPO market.

Logistics real estate developer ESR plans to sell 653.7 million shares priced in the range of HK$16.20 and HK$17.40 $2.07 to $2.22 per share, to give the company a market capitalisation of up to $6.74 billion, according to a term sheet seen by FinanceAsia.

ESR is betting both that third-party logistics in Asia will boom and that Hong Kong’s IPO market will rebound. It is looking to raise up to $1.45 billion, which is more than the $1.24 billion for which it was originally looking.

The re-IPO could make ESR the second-largest IPO on the Hong Kong Stock Exchange this year after...

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