rf-properties-raises-208-million-for-land-acquisitions

R&F Properties raises $208 million for land acquisitions

The deal is completed at a 4.95% discount against a backdrop of two competing property IPOs and a secondary placement all fighting for investor attention.
Property developer Guangzhou RF Properties last night sold HK$1.62 billion $208 million worth of new H shares to raise funds for more land acquisitions and other corporate purposes.

The deal was brought by JPMorgan and Morgan Stanley, which had a busy night with two placements each.

The 42.3 million shares were priced in the lower half of the indicative range at HK$38.20 for a 4.95% discount to ThursdayÆs close of HK$40.20. They had been offered too investors at HK$37.95 to HK$38.75 apiece, which marked a discount of 3.6% to 5.6%.

The discount looks quite fair, given the size of the deal, which accounted for 20% of the H...
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