greentown-grabs-last-opening-to-launch-ipo-before-summer-break

Greentown grabs last opening to launch IPO before summer break

Price range is wide to give flexibility, while valuation is kept low versus peers to ensure sufficient demand.
Greentown China Holdings has decided to go ahead with its initial public offering, grabbing the last window of opportunity before the end of the second quarter, according to a source familiar with the decision.

The mainland property developer, which will be brought to market by JPMorgan and UBS, will launch a formal road show today June 26 and has set a very wide price range to give itself maximum flexibility to respond to the still volatile equity markets.

The company is looking to sell 325 million shares at a price between HK$6.57 and HK$9.86 for a total deal size of up to HK$3.20 billion $413 million. At that price...
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