spg-land-prices-154-million-ipo-below-the-top-end

SPG Land prices $154 million IPO below the top end

Final price values the stock at a 31.6% discount to NAV which is slightly more generous than Shui On Land.
October 02, 2006
Property developer SPG Land has priced its initial public offering at HK$4.78 per share which is in the upper half of the indicative range but below the very top. The company has left some on the table in the hope that the stock will have a positive trading debut.

The price, which results in a deal size of HK$1.20 billion $154 million, marks a slight valuation discount versus fellow property developer Shui On Land which will start trading on October 4 after fixing its IPO price at the top end with a 30% discount to its net asset value.

While both of these developers are based in Shanghai, they don't share many...
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