Chinese property developer Greentown China Holdings has raised $150 million from an unusual pre-IPO CB via JPMorgan.
The private placement transaction represents the second time in just over a month that an Asian issuer has used such a structure and bankers believe there are more to come. It follows a highly structured $151 million pre-IPO CB for Indonesia's PT Sulfindo in December and is the first of its kind from China.
Greentown is said to have liked a pre-IPO structure because it enables the company to raise and deploy funds that can improve earnings and hence the valuation it might be able to achieve at IPO...
