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Zhenro Properties overallocates 150 million shares in IPO

Real estate developer Zhenro Properties Group Ltd. overallocated a total of 150 million shares in its IPO, which was priced in January, making up 15% of the aggregate shares available under the global offering.

Additionally, the company sold 27 million shares at HK$3.99 apiece during the stabilization period, which ended Feb. 7, representing 2.7% of the total shares under offer in the IPO.

Meanwhile, Zhenro's sole representative, CBB International Capital Ltd., partially exercised the overallotment option of a total of 123 million shares, or 12.3% shares in the IPO, to accommodate oversubscriptions.

Zhenro Properties expects to raise net proceeds of roughly HK$3.84 billion from the offering.