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China Aoyuan spinoff prices HK$577M IPO in Hong Kong

Aoyuan Healthy Life Group Co. Ltd. is expecting to net approximately HK$577.0 million from its recently priced HK$3.66-per-share IPO of 175 million shares on the Hong Kong stock exchange.

The final price for the IPO falls in the middle of the indicative price range set by China Aoyuan Group Ltd.'s property management business spinoff of between HK$3.48 per share and HK$4.30 per share.

In Hong Kong, Aoyuan Healthy Life will offer 109,267,000 shares after the domestic component of the global offering was oversubscribed by about 6.24x. Meanwhile, for its moderately oversubscribed international offering, Aoyuan Healthy Life is allocating 157,500,000 shares.

Aoyuan Healthy Life noted that it gave international underwriters the option to acquire 26,250,000 additional shares until April 4 pursuant to the IPO's overallotment option.

Approximately 62.0% or HK$357.8 million of the anticipated net proceeds will be used for strategic acquisition and investment opportunities, while about 12.0% or HK$69.2 million will be used to develop of its O2O platform. It also plans to use about 10.0% or HK$57.7 million of the expected net proceeds for strategic purchases and investments, and another 10.0% for working capital and general corporate expenditures.

Trading of Aoyuan Healthy Life's shares on the bourse is expected to commence March 18 under the stock code 3662, according to a filing.

Guotai Junan Capital Ltd. and Zhongtai International Capital Ltd. are the joint sponsors of the offering, for which Guotai Junan Securities (Hong Kong) Ltd., Zhongtai International Securities Ltd., AMTD Global Markets Ltd. and CGS-CIMB Securities (Hong Kong) Ltd. are joint global coordinators.

Guotai Junan Securities, Zhongtai International Securities, AMTD Global and CGS-CIMB Securities are also joint book runners of the IPO, together with CRIC Securities Co. Ltd., First Shanghai Securities Ltd., SSIF Securities Ltd. and ABCI Capital Ltd.

The joint lead managers of the offering are Guotai Junan Securities, Zhongtai International Securities, AMTD Global, CGS-CIMB Securities, CRIC Securities, First Shanghai Securities, SSIF Securities, ABCI Securities Co. Ltd., Yuanyin Securities Ltd. and Hao Tian International Securities Ltd.