Hong Kong-based property investment company Thing On Enterprise Ltd. is planning to offer 180 million shares in an IPO on the Hong Kong stock exchange, with hopes of raising up to HK$223.2 million, the Nikkei Asian Review reported.
The Dec. 28 report, citing a company statement, noted that each share will be offered at an indicative price range between HK$1.00 and HK$1.24. The company is targeting net proceeds of about HK$173.1 million from the process, assuming that the IPO is priced at the midpoint of the indicative range.
Thing On Enterprise, which specializes in office, retail and industrial property leasing and property management, is expected to make its Hong Kong bourse debut Jan. 16, 2018. The Nikkei reported that the company intends to allocate 90% of the funds raised from the IPO to finance its planned acquisition of new investment properties.
KGI Capital Asia Ltd. is the sole sponsor, global coordinator, book runner and lead manager of the offering, the publication added.