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Report: ESR Cayman opens books for up to US$1.24B Hong Kong IPO

ESR Cayman Ltd. opened the books for its Hong Kong IPO, which could raise between US$1.16 billion and US$1.24 billion, Reuters reported June 5, citing a term sheet.

The Warburg Pincus LLC-backed logistics property developer's offering will involve the sale of 560.7 million shares, or 18.4% of the company's enlarged share capital, at an indicative per-share price of between HK$16.2 and HK$17.4. The final price for the IPO is scheduled to be determined June 12, with the company's shares slated to commence trading June 20.

The listing is expected to become the biggest float so far in Hong Kong this year, according to the news outlet.

Reports circulated earlier that ESR Cayman decided to postpone its IPO amid market volatility caused by trade tensions between China and the U.S., as well as Washington's new tariff threats against Mexico. The company declined to comment regarding the latest update, Reuters added.