ESR Cayman, which develops and manages warehouses for e-commerce companies, has restarted its Hong Kong initial public offering after shelving the deal in June, Reuters reported on Oct. 21, citing a term sheet it was shown.
The company is looking to sell about 654 million shares and raise between $1.35 billion and $1.45 billion from the offering, according to the report. Shares are being marketed at an indicative range of HK$16.2 to HK$17.4 each, which would give ESR a market capitalisation of $6.3 billion to $6.7 billion.
Canadian pension fund OMERS Administration Corporation has committed $585 million as a cornerstone investor, based on the mid-point of the price range, according to the term sheet.
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