Fantasia Holdings has priced its initial public offering close to the top end of the range for a total deal size of HK$3.16 billion $408 million, after receiving good demand from both institutional and retail investors.
The positive outcome provides further confirmation that the sentiment for property IPOs is improving after a tough October when most property IPOs traded down in the secondary market and valuations were forced lower and lower. One IPO candidate, Excellence Real Estate Group, called off its listing altogether after weak demand and Mingfa Group International re-launched its offering at a reduced price after failing to secure sufficient interest.
Since then, however, Evergrande Real Estate Group has...
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