A-Living Services plans up to US$605m Hong Kong IPO

[HONG KONG] , Jan 23 (IFR) - A-Living Services, the property management business of Chinese property developer Agile Group Holdings, plans to raise up to US$605m from a Hong Kong IPO, according to people close to the deal.

The company plans to sell shares at an indicative price range of HK$10.80-$14.20 (S$1.82 - S42.39) each to raise about US$460m-$605m, according to the people.

There will be no cornerstone tranche for the float, according to one of the people.

Books will open tomorrow and close on February 2, other people close to the deal told IFR earlier. Pricing is slated for February 2.

HSBC and Huatai Financial are joint sponsors of the IPO.

Agile did not reply immediately to a request for comment.

According to a filing to the Stock Exchange of Hong Kong, the net profit of A-Living was Rmb123m (S$25m) for the first six months of 2017, up 56 per cent from a year earlier.

On completion of the proposed spin-off, Agile is expected to hold an interest of not less than 50 per cent in A-Living, which will remain as a subsidiary, according to an announcement from the parent last year.

A-Living is principally active in property management, property sales, property inspection, advertising and tourism services.

REUTERS