Xi'an Kingfar Property Services Launches Up to HK$155 Million Hong Kong IPO

MT Newswires Live06-24

Xi'an Kingfar Property Services (HKG:1354) launched its initial public offering in Hong Kong on Monday, seeking to raise as much as HK$155 million, according to a prospectus filed with the Hong Kong Stock Exchange on Monday.

The property services provider is offering nearly 16.7 million shares to be priced between HK$7.50 to HK$9.30 apiece.

The company secured Tianbo Diagnostics, Xi'an Dingzhun, and Reynold Lemkins as cornerstone investors, committing to subscribe for about 34.7% of IPO shares.

The issuer expects to determine the offer price on June 28 and make a disclosure of the allocations on July 2. It will then start trading on the Hong Kong bourse on July 3, according to a Monday filing.

Proceeds from the deal will be used for acquisition of new property management companies, new energy vehicles, and further development of property management services.

CEB International, CMB International, and CCB International are the joint bookrunners of the IPO.

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