China's Poly Property Development Co. Ltd. expects to net nearly HK$4.29 billion from its IPO of 133,333,400 H shares on the Hong Kong stock exchange.

The IPO comprises an offering of 17,333,600 shares for subscription by the public in Hong Kong and an international offering of 115,999,800 shares, with each share bearing an indicative price of between HK$30.70 and HK$35.10, according to a filing.

The property-management service provider, which is being spun off from Poly Developments and Holdings Group Co. Ltd., said it will use the net proceeds raised from the IPO to pursue investment and acquisition opportunities to expand its business, further develop its services, upgrade its systems for digitization and smart management and for working capital and general corporate expenditures.

The final price of the offering is expected to be determined Dec. 12, while trading on the bourse of the company's shares is scheduled to start Dec. 19.

GF Capital (Hong Kong) Ltd., Huatai Financial Holdings (Hong Kong) Ltd. and ABCI Capital Ltd. are the joint sponsors for the offering.

Meanwhile, GF Securities (Hong Kong) Brokerage Ltd., Huatai Financial, ABCI Capital, CLSA Ltd., UBS AG's Hong Kong branch and CCB International Capital Ltd. are the joint global coordinators for the IPO. They also serve as joint book runners and joint lead managers for the offering alongside Shenwan Hongyuan Securities (H.K.), Guotai Junan Securities (Hong Kong) Ltd., CMB International Capital Ltd., Essence International Securities (Hong Kong) Ltd., BOCOM International Securities Ltd. and Wintech Securities Ltd.