Excellen valve supplier ce prepares for $500 million HK IPO next year
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Excellence prepares for $500 million HK IPO next yearPublished: 26 Nov 2009 16:02:01 PST
Chinese property developer Excellence Real Estate Group Ltd, which shelved its up to $1 billion Hong Kong IPO last month, plans to relaunch it next year, cutting the fundraising size to about $400 to $500 million, sources close to the deal said Thursday.

Asia has been the top region for companies tapping markets for money this year as its economies have outpaced other parts of the world.

At least eight Chinese property firms have reportedly listed in Hong Kong so far this year, raising a combined $4.6 billion. Another real estate developer Kaisa Group, which is conducting the marketing roadshow, plans to raise up to $574 million by the end of this year.

The flood of real estate IPOs has put pressure on offerings, but underwriters lowered the deals' valuations and managed to draw big name investors to support several deals.

Excellence, the Shenzhen-based property developer, initially planned to sell 3 billion shares - or 25 percent of its enlarged share capital - at HK$2.10 ($0.27) to HK$2.60 ($0.34) per share.

It now plans to sell about 15 percent of its enlarged share capital, which will reduce the IPO proceeds.

"The multiples Excellence is now talking about are seven times forecast 2010 earnings and about a 50 percent discount to its forecast 2010 net asset value," said a fund manager briefed by the investment bankers.

Reuters


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