Powerlong Real Estate Holdings and a shareholder will raise as much as HK$4.9bn ($632m) in an initial public offering in Hong Kong, according to a sales document sent to investors.
Powerlong started selling shares at HK$3.30 to HK$4.90 apiece today, according to the document. The company will set a final price on 30 Sept and the stock will start trading on 9 Oct, the term sheet said.
Powerlong plans to use about three-quarters of the proceeds to buy new land, while about 10% will go to repaying debt.
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