evergrande-launches-ipo-with-generous-terms

Evergrande launches IPO with generous terms

A wide price range for the proposed $2.1 billion IPO suggests the issuer wants as much flexibility as possible should the markets turn during the roadshow.
Evergrande Real Estate Group kicked off the formal roadshow for the institutional portion of its initial public offering yesterday after a week and a half of pre-marketing. The property developer decided to go ahead despite continued volatility in global equity markets after infrastructure-focused China Railway Construction Corporation CRCC attracted strong demand for its IPO, suggesting investors are still willing to put money to work in companies they believe in.

Evergrande, which focuses primarily on second tier cities, is expected to deliver strong earnings growth over the next few years after an aggressive accumulation of land in the past 18 months, but based on the pricing terms it appears the company realises that this may...
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