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4 years ago
Developer Hopewell Hong Kong launches up to $780 mln IPO - terms
May 30, 2013 / 2:02 AM / 4 years ago

Developer Hopewell Hong Kong launches up to $780 mln IPO - terms

HONG KONG, May 30 (Reuters) - Hopewell Hong Kong Properties Ltd, a unit of Hopewell Holdings Ltd, launched on Thursday an up to $780 million Hong Kong initial public offering, according to a term sheet of the deal seen by Reuters.

The company is offering 340 million new shares in an indicative range of HK$15.30 to HK$17.80 each, putting the total deal at up to HK$6.05 billion ($780 million).

About 40 percent of the IPO proceeds will be used to develop Hopewell Centre II, with 22 percent set aside for the purchase and development of Amalgamation Properties and potential new developments. Another 30 percent will be used to pay down debt.

BOC International and Credit Suisse were hired as sponsors and joint global coordinators of the IPO, with Citigroup, HSBC and JPMorgan also acting as joint bookrunners. ($1 = 7.7638 Hong Kong dollars) (Reporting by Elzio Barreto; Editing by Chris Gallagher)

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