June 13, 2019 / 6:07 AM / 3 months ago

Warburg Pincus backed ESR cancels largest HK IPO this year

HONG KONG, June 13 (Reuters) - Logistics real estate developer ESR Cayman Ltd on Thursday cancelled what would have been the largest Hong Kong listing so far this year, according to two people with direct knowledge of the matter.

The company, backed by private equity firm Warburg Pincus LLC, had planned to raise between $1.16 billion and $1.24 billion.

The people said ESR had targeted a relatively aggressive valuation which had made the deal a hard sell amid challenging market conditions.

ESR did not immediately respond to a request for comment. The sources declined to be identified as they were not authorised to speak on the matter.

Reporting by Julie Zhu; Writing by Alun John; Editing by Stephen Coates

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