HONG KONG, Nov 14 (Reuters) - Future Land Development Holdings Ltd dropped Australian bank Macquarie as a bookrunner on a planned Hong Kong share listing of as much as $250 million because it was unhappy with a valuation received in a pre-deal report, IFR reported.
The decision came just days after the company and its bankers starting gauging investors' demand for the initial public offering in pre-marketing, added IFR, a Thomson Reuters publication.
Macquarie's Hong Kong corporate communications department didn't return a phone call and email request for comment.
Bank of America Merrill Lynch and China International Capital Corp (CICC), two other bookrunners on the IPO, set a net asset value (NAV) for Future Land, one of the largest real estate developers in Shanghai, of 26.2 billion yuan ($4.21 billion) and 28.4 billion yuan respectively, compared with 26.1 billion yuan set by Macquarie, IFR said.
Macquarie put the likely IPO valuation at a 40-60 percent discount to NAV, less attractive than the discount of 56-75 percent set by BofA Merrill Lynch and 60-70 percent given by CICC. ($1 = 6.2265 Chinese yuan) (Reporting by Elzio Barreto; Editing by Louise Heavens)