mingfa-group-launches-440-million-ipo

Mingfa Group launches $440 million IPO

Yet another Chinese property developer enters the IPO fray to battle for investor attention.

Property developer Mingfa Group International yesterday started a roadshow for an initial public offering that could raise as much as HK$3.41 billion $440 million. The deal adds to a crowded IPO market that is already full of property companies looking to go public. And more are yet to come Fantasia Holdings Group is another developer that could launch a roadshow in the next few days.

Mingfa's base deal consists of 900 million primary shares. If the 15% greenshoe is exercised, a further 135 million shares will be injected into the deal, bringing the maximum deal size to $506 million.

An indicative price range has been set at between $3.03 and $3.79 per share,...

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