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Warburg Pincus-backed ESR relaunches up to US$1.45B Hong Kong IPO

Warburg Pincus LLC-backed logistics property developer ESR Cayman Ltd. relaunched a bigger IPO in Hong Kong, to raise up to US$1.45 billion, Reuters reported, citing a term sheet.

ESR, which manages a range of property-focused funds and its own property investments, is selling approximately 654 million shares with a split of 42.9% primary shares and 57.1% secondary shares, totaling 21.5% of its enlarged share capital at an the indicative range of HK$16.2 to HK$17.4, the term sheet showed.

Based on the indicative range, the company could raise US$1.35 billion to US$1.45 billion before the inclusion of any over-allocation option, providing it with a market capitalization of US$6.27 billion to US$6.74 billion after the float, the report said.

The IPO has an option to adjust the size of the offer, which allows the company to sell more secondary shares. The company can also exercise a 15% overallotment option depending on demand.

The shares are expected to be priced Oct. 25, and the trading is expected to begin Nov. 1.

CLSA and Deutsche Bank are serving as joint sponsors for the IPO.

ESR declined to comment, according to the report.

ESR Cayman previously planned to raise between US$1.16 billion and US$1.24 billion in the IPO but shelved the plan. The company was looking to begin informal meetings with investors in early October, with plans to launch the IPO in the same month.