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Article: Hong Kong : Longfor Aims to Raise up to $1.05 Billion in IPO.
- Article from:
- TendersInfo
- Article date:
- November 2, 2009
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Byline: shiv03
Chongqing-based Longfor Properties Co., is seeking to raise up to US$1.05 billion in an initial public offering ahead of its Hong Kong listing, undaunted by lackluster investor reception toward a slew of recent real estate offerings, people familiar with the situation said Monday.
Longfor is selling one billion shares in a 6.06 Hong Kong dollar (78 U.S. cents) to HK$7.10 range, translating to a forward price/earnings valuation of 11.9 to 14 times or a 30%-39% discount to its net asset value, they said.
The company also has the option to sell another 150 million shares under an over-allotment option, which if exercised will lift ...