You are here

ESR Cayman to raise HK$4.4 billion with HK listing

ESR Cayman's proposed listing on the Stock Exchange of Hong Kong (SEHK) will raise net proceeds of approximately HK$4.4 billion (S$770.4 million) with an offer price of HK$16.80 per share, the logistics real estate developer said on Thursday.

It said in its prospectus that it would use the proceeds of the share sale to pare existing debt, finance the completion of projects already in the pipeline, and to further expand its footprint through mergers and acquisitions.

Assuming that the offering becomes unconditional in all aspects on or before 8am on Nov 1, dealings in the shares on the SEHK are expected to commence at 9am on the same day.

Previous media reports had cited sources which said that ESR was looking to raise US$1-1.5 billion.

ESR is the sponsor of Singapore Exchange-listed ESR-Reit, and is the largest Asia-Pacific focused logistics real estate platform. It builds and manages logistics facilities that cater to e-commerce firms, bricks-and-mortar retailers and manufacturers. It also manages funds and investment vehicles that invest in logistics properties.