Agile spin-off A-Living plans to raise HK$4.5b in HK float

Business | 29 Jan 2018 12:50 pm

Mainland Chinese property management services provider A-Living Services, a unit of Agile

Group Holdings, (3383) is seeking a listing on the main board of Hong Kong, the company announced today.

The company, which focuses on mid- to high-end properties, aims to raise up to HK$4.7 billion and will be spun off from Agile Holdings, the controlling shareholder.

The bulk of the company's revenue is generated from management services for properties developed by Agile Group.

A-Living said it estimates the net proceeds of the global offering, based on an offer price of HK$12.50 per share, being the mid-point of the range, will be HK$3.98 billion. But if the offer price is fixed at high end of the range at HK$14.20 per share the company will raise HK$4.53 billion.

The issue price will be determined on February 3. Trading in the shares is set for February 9, the company said.

The company will offer 333.33 million shares to the Hong Kong public, provided the Hong Kong Stock Exchange approved the H-share listing.

A-Living Services was set up in 1997, when Agile Group, began providing management services for its properties. The company adopted the Hong Kong-style property management model in China.

The Hong Kong underwriters will receive a commission of 2.2 percent of the aggregate offer price payable for the Hong Kong offer Shares.-The Standard

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