Transaction Overview
- ESR is the largest APAC focused logistics real estate platform and has the largest development pipeline in aggregate across the major APAC markets. ESR develops and manages modern logistics facilities that cater to e-commerce companies, 3PL providers, bricks-and-mortar retailers, manufacturers, cold-chain logistics providers and others in APAC as logistics infrastructure continues to evolve for the modern economy.
- ESR is priced at HK$16.80 per share in the price range of HK$16.20–$17.40 per share, with total proceeds being US$1.61 billion (assuming Over-Allotment Option is not exercised). The deal is the second largest HK IPO as of 2019.
- CMB International used its close relationship with investors in this issue to assist the company to introduce a number of international and Chinese long-term and hedge funds, which strongly supported the issuance.
- This deal cannot be closed without supports from various departments and local branch offices of the parent company CMB. The close cooperation among Corporate Finance Department, Equity Capital Markets Department, Equities Department, Wealth Management Department and Legal & Compliance Department also helped a lot.
Offering Summary
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Issuer: |
ESR Cayman Limited |
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Listing Date: |
Nov 1st, 2019 |
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Offering Amount: |
US$1.61 Billion (before exercise of Over-allotment Option) |
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Indicative Price Range |
HK$16.20 - 17.40 per share |
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Offering Price: |
HK$16.80 per share |
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Offering Size: |
751,732,000 Shares (100% primary shares, representing 24.8% of enlarged share capital, before exercise of Over-allotment Option) |
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Stock Code: |
1821.HK |
About the Company
- ESR is the largest APAC focused logistics real estate platform and has the largest development pipeline in aggregate across the major APAC markets. ESR develops and manages modern logistics facilities that cater to e-commerce companies, 3PL providers, bricks-and-mortar retailers, manufacturers, cold-chain logistics providers and others in APAC as logistics infrastructure continues to evolve for the modern economy. ESR develops logistics real estate primarily in Tier 1 and 1.5 cities in APAC, targeting strategic locations ear key logistics hubs, major seaports, airports, transportation hubs and industrial zones in the PRC, Japan, South Korea, Singapore, Australia and India, which are the markets ESR believes will drive future growth across APAC.
Source: Prospectus, Public Announcement
