volatile-market-prompts-yanlord-to-reduce-ipo-size

Volatile market prompts Yanlord to reduce IPO size

Upscale mainland residential developer now aims to sell 20% of company to raise about $270 million.
Chinese property developer Yanlord Land Group has decided to sell only 20% of the company in its ongoing initial public offering due to the choppy market environment. This will reduce the deal size to about S$451.4 million $270 million.

The company, which is seeking a listing in Singapore, had initially planned to raise about $350 million by selling 25% of its issued share capital.

According to investors, the number of new shares on offer has been cut accordingly to 342 million from 456 million. The shares are offered at a price between S$1.08 and S$1.32 apiece, which will value the company at about 10 to 12.7 times its projected 2006 earnings.

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