shimao-sets-price-range-for-ipo-at-wide-discount-to-nav

Shimao sets price range for IPO at wide discount to NAV

The tough market environment is said to have prompted investors to reduce order sizes and push prices downward, but those deals already in the market are supposedly getting done.
Shimao Property Holdings will go ahead and launch the formal roadshow for its initial public offering today despite a sharp sell-off among mainland property stocks yesterday as concerns about US interest rates and inflation intensified.

The difficult market environment will be reflected in the price range, however - which will be set to value the company at a discount not only to most of its listed peers but also to Shui On Land, which is in the market trying to raise $989 million in a separate IPO, according to sources.

One source said Shimao, which is brought to market by Goldman Sachs and Morgan Stanley, will offer its shares at a price between HK...
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