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Times China spinoff expects to net HK$791.9M from Hong Kong IPO

Times Neighborhood Holdings Ltd. expects to net approximately HK$791.9 million from its IPO on the Hong Kong Stock Exchange.

The Times China Holdings Ltd. spinoff offered 161,820,000 shares at HK$5.15 apiece, being the mid-point of the previously set indicative per-share price range of between HK$4.23 and HK$5.80. Shares of the property management business are expected to start trading on the exchange Dec. 19 under the stock code 9928, according to a Dec. 18 filing.

The company intends to use net proceeds from the IPO to pursue selective strategic investments and acquisition opportunities, improve its technology, further develop its one-stop service platform, and for working capital and general corporate expenditures.

Haitong International Securities Co. Ltd. is the sole sponsor, sole global coordinator and sole book runner of the IPO. It is also one of the joint lead managers alongside Heungkong Securities Ltd.