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Evergrande Property Services prices HK IPO low at $1.8bn
Evergrande Property Services Group, the property management arm of one China’s most debt-laden developers, wrapped up its IPO toward the bottom of price guidance after relying largely on Chinese investors.
The subsidiary of Evergrande Group sealed its listing on Thursday in Hong Kong with the help of sponsors ABC International, CCB International, CLSA, Haitong International, Huatai Financial and UBS. It raised HK$14.1bn ($1.8bn) after selling 1.6bn shares at HK$8.80 each, according to a source familiar with the matter.
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