Warburg Pincus-backed ESR Cayman to raise US$1.2b in HK float

Business | 5 Jun 2019 11:10 am

Logistics real estate developer ESR Cayman  has opened the books on an initial public offering  that could raise up to US$1.24 billion, in what would be Hong Kong’s biggest float so far this year, showed a term sheet seen by Reuters.

ESR Cayman, backed by private equity firm Warburg Pincus LLC, was initially due to launch its offering on Monday, but held off as markets were shaken by fear of escalating Sino-U.S. trade tension weakening the global economy.

The company, which manages a range of funds and vehicles as well as its own directly held property investments, is selling 560.7 million shares, or 18.4 percent of its enlarged share capital, at an indicative range of HK$16.2 to HK$17.4 a share, the term sheet showed.

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