Dalian Wanda seeks up to US$3.8b in Hong Kong IPO: report

Hong Kong

DALIAN Wanda Commercial Properties Co Ltd, the world's second-largest developer of shopping malls and office buildings, is seeking to raise between US$3.2 billion and US$3.86 billion through a Hong Kong IPO, cutting the size of the planned offer by at least a third as investors balked at the high valuation.

The company, backed by Chinese billionaire Wang Jianlin, is offering 600 million new shares in a range of HK$41.80-HK$49.80 each, IFR, a Thomson Reuters publication reported on Saturday. That would give the company a market value of between US$20.8 billion and US$24.7 billion, IFR said, citing sources with direct knowledge of the matter.