Glorious Property joins IPO rush in China

HONG KONG: Chinese real estate developer Glorious Property hopes to raise over US$1.5 billion (US$1 = RM3.50) in an IPO, joining a rush of companies seeking to list in a rebounding stock market and as home prices increase.

An estimated US$15 billion worth of IPOs are coming to Hong Kong in the next few months, with several domestic property groups looking to tap the market rebound.

The price range of the Glorious offering is HK$4.00-HK$5.30 (HK$100 = RM45.14) per share, with a base offer size of 2.25 billion shares in total.

By Reuters