Xiamen-based China SCE Property to raise USD 255mln in HK IPO

Updated: 22 Jan 2010
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China SCE Property Holdings Ltd, a developer of residential properties in the southeastern province of Fujian, may raise as much as HK$ 1.98 billion ($ 255 million) in a Hong Kong initial public offering, said an e-mail.

The Xiamen-based company plans to sell 600 million new shares at HK$ 2.60 to HK$ 3.30 each, said the sale document sent to fund managers yesterday. The number of shares sold may be boosted by 15 percent to meet demand.

Atlantis Investment Management and four other corporate investors have agreed to buy $ 56.2 million worth of shares and hold onto the stock for six months, it said.

Deutsche Bank AG and Macquarie Group Ltd are managing the sale, which began taking orders from institutions yesterday. The stock will trade under the ticker "1966" in Hong Kong. 
SOURCE: China Daily
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