Swire Properties, one of the leading property companies in Asia, plans to raise as much as HK$20.8bn (US$2.7bn) in what would be one of Hong Kong’s biggest initial public offerings this year, according to people familiar with the matter.
The Hong Kong-based company, part of conglomerate Swire Pacific which is in turn controlled by John Swire & Sons of the UK, kicked off its formal marketing roadshow on Monday. It was seeking to drum up support for the sale of 907m shares, or a 13.79 per cent stake, the people said.
The timing of the move suggests that Swire and its advisors believe that investors have regained their appetite for new share sales following a dismal period for Hong Kong IPOs earlier this year.
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