SF REIT prices IPO above midpoint

SF Real Estate Investment Trust, a spin-off of delivery giant SF Holdings, priced its Hong Kong initial public offering at HK$4.98 apiece, above the midpoint of the indicative price range, Bloomberg reported.

The institutional portion of the deal was oversubscribed within two hours, sources told The Standard. Investors include a large international insurer and real estate fund.

Retail investors placed more than HK$390 million in orders for the deal through margin financing, according to 12 brokers, meaning the retail portion was covered 1.45 times.

SF REIT is seeking to raise up to HK$2.68 billion from the IPO. It is scheduled to make its market debut on May 17.

Meanwhile, mainland property management firm New Hope Service attracted HK$200 million in retail orders through margin financing, data from seven brokers showed. The spin-off of Shenzhen-listed New Hope Liuhe is looking to raise up to HK$940 million. Xiaomi (1810), Fosun International (0656), and US-listed KE Holdings are among the deal's cornerstone investors.

JD Logistics, the shipping unit of e-commerce giant JD.com (9618) is set to launch a Hong Kong IPO that could raise up to US$4 billion this week.