January 29, 2018 / 1:23 AM / a year ago

China's Agile says unit plans $600 mln IPO in Hong Kong

HONG KONG, Jan 29 (Reuters) - China property developer Agile Group Holdings Ltd said it was looking to list its property management unit on the main board in Hong Kong, raising up to HK$4.7 billion ($600 million) to fund investments, acquisitions and upgrade operations.

The China-focused property management service provider plans to issue 333.33 million shares of A-Living Services Co Ltd, at a price ranging from HK$10.80 to HK$14.20 apiece, Agile said in a filing on Monday.

That would put the unit’s value at about $1.84 billion to $2.42 billion.

Agile said it will hold about 54 percent of A-Living on completion of the offering.

Agile had earlier said that its shareholders would be entitled to apply for shares of its to-be-spun-off unit on an assured basis pursuant to a preferential offering.

The issue price of A-Living will be fixed on Feb. 3 and dealing in the shares is expected to begin on Feb. 9.

HSBC and Huatai Financial Holdings are joint sponsors of the global offering. ($1 = 7.8180 Hong Kong dollars) (Reporting by Donny Kwok; Editing by Himani Sarkar)

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