Sunac China Holdings Ltd. said it expects to raise about HK$7.96 billion in net proceeds from its offering of 186,920,000 shares.
The offering was priced at HK$42.80 per share.
Through the offering, Sunac China aims to further enlarge its shareholders' equity base and improve its capital structure. The Chinese developer also noted in a Jan. 10 filing that the net proceeds arising from the offering will be used for general corporate expenditures.
Shares comprising the offering reflects about 4.20% of the company's existing number of issued shares and roughly 4.03% of the total issued shares as enlarged by the offering. The per-share price of the offering provides an about 8.25% discount to Sunac China's HK$46.65-per-share closing price as of Jan. 9 and a roughly 8.06% discount to its average closing price of HK$46.55 per share for the five days until the same date.
The offering is set to be completed Jan. 17.
Morgan Stanley & Co. International PLC is acting as the placement agent.