Xi'an Kingfar Property Services Raises HK$90.5 Million in Hong Kong IPO

MT Newswires Live07-03

Xi'an Kingfar Property Services (HKG:1354) raised roughly HK$90.5 million in net proceeds from its Hong Kong initial public offering after pricing the shares at the lower end of the indicative price range.

The property services provider issued about 16.67 million shares at HK$7.50 apiece, the bottom limit of its targeted range of as high as HK$9.30 per share, according to a Wednesday disclosure.

The deal's Hong Kong or public offering portion was 118.87 times oversubscribed, prompting the company to issue 3 million shares, following the reallocation of over 1.3 million shares from the international offering.

The international or placing shares were 0.98 times subscribed, and the firm issued about 13.7 million shares.

Xi'an Kingfar Property Services will start trading on the Hong Kong bourse today, July 3.

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