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Business· Markets

Property guru Midea Real Estate to seek USD 493 mln in HK IPO, with 180 mln shares

CKN
minutes 2018/09/28 06:50:41
2,324
China's Financial News, China News ,Midea

Sep 28, 2018 (China Knowledge) - Midea Real Estate Holding Ltd. will be offering 180 million shares at a target range of HKD 17 to HKD 21.5 apiece in its initial public offering (IPO) on the Hong Kong Stock Exchange. The company is expected to price their shares on October 4 and the listing is expected to be on October 11.

Midea Real Estate is one of the largest national property developers in China, seeking to provide quality living and Smart Home solutions to their customers.

The company was recognized as one of the top 50 China property developers in terms of brand value and one of the top 10 Chinese property developers in terms of innovation ability by the China Real Estate Association in 2017.

Midea Real Estate has experience strong growth and positive financial results for past few years. For the first three months of 2018, revenue of the company amounted to RMB 4.85 billion, a 120% increased from the same period in 2017. The profit and total comprehensive income for the same period in 2018 were RMB 0.679 billion, a 78% increase from RMB 0.279 billion in the same period last year.

The company intends to use the proceed from IPO in their land acquisition plan to increase land reserve or explore suitable merger and acquisition opportunities in cities the company have operations in. Part of the proceed will also be used to firm’s R&D on Smart Home solutions.

BNP Paribas and CLSA are the joint sponsors in Midea Real Estate IPO. 

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