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Major Asian logistics operator ESR Cayman raises $1.6bn IPO in Hong Kong

By Yana Berman

The company debuts in the second-largest listing in Hong Kong in 2019

Major Asian logistics operator ESR Cayman raises 1.6bn IPO in Hong Kong

Asian logistics real estate developer ESR Cayman raised $1.6bn (£1.2bn, €1.4bn) during the second largest IPO in Hong Kong this year, according to local newspaper South China Morning Post.

Its shares were valued at $2.25 (£1.74, €2) at the opening of the Asian markets, gaining 7 per cent in the morning.

The company first attempted to conduct an IPO in June but was forced to postpone it as Hong Kong sunk into street protests because of the controversial extradition bill.

The recent successful attempt, backed by private equity giant Warburg Pincus, priced the shares at $2.14 per share, which is the midpoint of initial pricing range.

The largest IPO in Hong Kong this year was conducted in September. Brewer Budweiser APAC managed to raise $5.7bn (£4.4bn, €5.1bn) during the listing.

Meanwhile, the largest amount raised this year belongs to ride-sharing service Uber, which priced IPO at $45 per share and raised $8.1bn (£6.2bn, €7.2bn).

Meanwhile, Saudi Arabian state-backed oil and gas company Saudi Aramco that was expected to conduct the year’s largest IPO is not likely to fulfill its plans by the end of 2019 due to the terrorist attacks on some of its facilities.

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