October 21, 2019 / 12:54 AM / 3 months ago

Warburg Pincus-backed ESR to raise up to $1.45 bln in revived HK IPO-term sheet

HONG KONG, Oct 21 (Reuters) - ESR Cayman Ltd, backed by private equity firm Warburg Pincus, plans to raise as much as $1.45 billion from a revived float after the logistics real estate developer shelved a Hong Kong IPO in June, according to a term sheet seen by Reuters.

ESR, which manages a range of property-focused funds as well as its own directly held property investments, started book-building of its Hong Kong float on Monday.

It is selling about 653.7 million shares with a split of 42.9% primary shares and 57.1% secondary, totaling 21.5% of its enlarged share capital, at an indicative range of HK$16.2 to HK$17.4 ($2.07 to $2.22), the term sheet showed.

Within that range, the firm could therefore raise $1.35 billion to $1.45 billion before any over-allocation option is included.

ESR didn’t immediately respond to a request for comment. ($1 = 7.8413 Hong Kong dollars) (Reporting by Julie Zhu; Editing by Muralikumar Anantharaman)

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