second-time-lucky-for-evergrande-real-estate

Second time lucky for Evergrande Real Estate

The deal is priced at the mid-point for a total size of $726 million, as other property IPOs run into obstacles.

Against a difficult backdrop of pulled and delayed deals, Evergrande Real Estate yesterday successfully completed its initial public offering, raising HK$5.65 billion $726.2 million a year-and-a-half after its first attempt to go public. The company is due to start trading on November 5.

The deal priced at HK$3.50 a share, the middle of a price range that stretched from HK$3 to HK$4. A total of 1.61 billion shares were sold, split into 1 billion primary shares and 610 million secondary shares. This is slightly larger than the 1.51 billion shares that were initially on offer. The company increased the number of new shares in the deal last week...

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