HONG KONG (Reuters) - Chinese property developer Agile Group Holdings is looking to raise up to HK$4.7bn (US$600m) from a listing of its property management unit in Hong Kong, Reuters reported.
The China-focused property management service provider plans to issue 333.33m shares of A-Living Services at an indicative price range of HK$10.80–$14.20 each, Agile said in a filing on Monday.
That would put the unit’s value at about US$1.84bn–$2.42bn.
Agile will hold about 54% of A-Living on completion of the offering.
Proceeds from the IPO will be used to fund investments, acquisitions and upgrade operations.
Agile had earlier said that its shareholders would be entitled to apply for shares of the spin-off unit on an assured basis pursuant to a preferential offering.
Pricing will be on February 3 and dealing is expected to begin on February 9.
HSBC and Huatai Financial are joint sponsors of the global offering.
Reporting by Donny Kwok; Editing by Himani Sarkar and Vincent Baby