ESR Cayman, an Asia-focused logistics company backed by Warburg Pincus, is looking to raise as much as $1.45bn in a revived Hong Kong initial public offering, in the latest example of a company opting to brave the political unrest that is rocking the Asia finance hub.
The company, which bills itself as Asia-Pacific’s biggest logistics real estate platform, will sell 653.7m shares to investors priced at between HK$16.20 and HK$17.40, according to a term sheet seen by the Financial Times.
That range values the company at between $6.3bn and $6.7bn, and the deal includes a 15 per cent overallotment option known as a greenshoe. Even at the bottom end of the range, ESR would raise $1.35bn, making it Hong Kong’s second-largest IPO this year.
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