Reflecting a major shift in attitude towards mainland property developers, Agile Property attracted large demand for its $406 million deal, which priced on Friday December 9 Under the lead management of Morgan Stanley, the 955 million share deal came at the very top of its HK$3 to HK$3.30 range.
The Hong Kong retail element was 240 times covered, triggering full clawbacks to 50% to the deal, while the institutional portion saw demand of $9 billion, equating to an oversubscription rate of 22 times. Some 200 funds came in, many of them absolute return and long-only players with funds specializing in real estate. The conversion rate of the one-on-one meetings...
