Powerlong Real Estate Holdings yesterday launched an initial public offering that is expected to raise as much as HK$4.9 billion $632 million. The IPO launches over a year after the company initially tested the markets before the financial crisis started last summer.
The base deal is made up of 1 billion shares, of which 850 million are primary shares and the remaining 150 million secondary. The secondary shares are being sold by Hoi Kin Hong, chairman of the board and president of the company, and Hoi Wa Fan, an executive director. After the IPO they will be subject to a six-month lockup on their remaining shares. An indicative price range has been set...
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