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Real estate developer Glorious Property Holdings raises HK$9.9 bln via HK IPO
By Amarendra Bhushan for CEOWORLD Magazine Updated:September 28, 2009
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Real estate developer Glorious Property Holdings Ltd has raised HK$9.9 billion (US$1.28 billion) through an initial public offering on the Hong Kong Stock Exchange, the Wall Street Journal reported, citing two sources familiar with the matter as saying.
The Shanghai-based company, which owns 1.6 million square meters of land in several major Chinese cities, sold 2.25 billion shares at HK$4.40 per share, a price at the lower end of its range, said the sources, adding that the company plans to list on Oct 2.
The property developer earlier had set its H-share IPO price range at HK$4.00 to HK$5.30.
Deutsche Bank AG, JPMorgan Chase & Co and UBS AG were reportedly the sponsors of the IPO.
Glorious Property planned to list in Hong Kong in late 2007, but the plan was shelved due to poor market conditions.
Glorious Property has projects in Shanghai, Tianjin, Beijing, Wuxi, Suzhou, Nantong, Hefei, Shenyang and Harbin in eastern China.
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