HONG KONG (Reuters) - Chinese property software company Ming Yuan Cloud on Monday launched an IPO in Hong Kong to raise as much as HK$6.17 billion ($798 million), a deal term sheet showed, as the city gears up for its second busiest week for equity offerings this year.
The company will sell 374 million shares at a range of HK$15 to HK$16.50 each, which will value it between $3.62 billion and $3.98 billion.
A virtual management roadshow will begin Monday, according to the term sheet, and the deal is set to price on Friday.
Ming Yuan’s deal is part of a slew of IPOs and secondary listings worth at least $4.5 billion due to launch in Hong Kong this week, which is on track to be the second busiest for equity capital markets in the city in 2020, according to Refinitiv data.
Ming Yuan shares will start trading on the Hong Kong Stock Exchange on September 25.
The deal has attracted six high profile cornerstone investors which will take $276 million worth of stock, equating to 35% of the shares at the top end of the offer, the term sheet shows.
Hillhouse has subscribed for $86 million worth of stock, Singapore’s GIC and China Structural Reform Fund will take $50 million each, according to the term sheet.
Private equity fund Sequoia, Blackrock and Fidelity International will each take $30 million.
Among other planned listings, ZTO Express ZTO.N passed its Hong Kong listing committee hearing last week, according to documents lodged with the exchange, and could raise up to $2 billion as it presses on with a secondary listing.
Chinese hotel chain Huazhu HTHT.O is currently raising nearly $900 million in its secondary listing and will price its shares on Wednesday, according to its prospectus.
Reporting by Scott Murdoch in Hong Kong; Editing by Lincoln Feast.
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