Midea Real Estate Holding Ltd. is estimating to net nearly HK$2.92 billion from its listing of 180.0 million shares in Hong Kong, with the priced fixed at HK$17.00 apiece, the lower end of the price range set earlier.

A total of 4,566,000 shares, or 25.37%, of the 18.0 million shares initially offered in the Hong Kong public offering were taken up. The international offering for the initial 162.0 million shares was slightly oversubscribed and an additional 27.0 million shares were allocated, with the final number of shares subscribed for in this offering standing at 175,434,000 shares, or 97.46% of the shares offered.

Due to the results, reallocation of shares was conducted to have the final number of shares in the Hong Kong offering at 4,566,000 and the international offering at 175,434,000.

Approximately 70% or roughly HK$2.04 billion of the total anticipated proceeds, which was calculated prior to the exercise of an over-allotment option, will be used by the former Foshan Shunde Welling Realty Co. Ltd. for its plan to increase its land reserve by 2020-end. Meanwhile, about 15% or HK$437.6 million will be directed for land purchases for prefabricated construction projects, 10% or HK$291.7 million will go toward working capital expenditures and 5% or HK$ 145.9 million will be used for the research and development of Smart House Solutions.

BNP Paribas Securities (Asia) Ltd. and CLSA Capital Markets Ltd. are the joint sponsors of the initial offering. They also function as joint global coordinators, joint book runners and joint lead managers together with CICC and Morgan Stanley.

Other joint book runners and joint lead managers of the IPO are ABC International, BOC International, CCB International, EBS International, CMB International, DBS, First Shanghai Securities Ltd., Guotai Junan International, Haitong and ICBC.