kwg-properties-to-raise-up-to-582-million-from-ipo

KWG Properties to raise up to $582 million from IPO

The Guangzhou-based developer will set aside about 25% of the offering for four cornerstone investors, including fellow property company Guangzhou R&F.

By Anette Jönsson

June 12, 2007

Mid-sized Chinese real estate developer KWG Properties has set the indicative price range for its initial public offering at a level that could see it raise up to HK$4.55 billion $582 million.

According to sources, the company will offer 25% of its enlarged share capital, or 625 million new shares, at a price between HK$5.90 and HK$7.28 per share. The institutional roadshow will kick off today and the Hong Kong retail offering will follow on June 18. Pricing is expected after the close of US markets on June 21 and the first day of trading is likely to be on July 3. There is a possibility that it may come earlier,...

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