ESR Cayman Ltd, a logistics real estate firm that is backed by private-equity firm Warburg Pincus, aims to raise as much as US$1.45 billion from a revived Hong Kong initial public offering, Reuters reports.
ESR, which manages a range of property-focused funds as well as its own directly held property investments, started book-building of its Hong Kong float on Monday, the report said.
The company is selling about 653.7 million shares that would amount to about 21.5 percent of its enlarged share capital, the news agency said, citing a term sheet.
The shares are being marketed in the HK$16.2 to HK$17.4 range.
Based on the price range, ESR could raise anywhere between US$1.35 billion and US$1.45 billion, not factoring in potential over-allotment exercise.
The firm had earlier delayed the Hong Kong float in June due to unfavorable market conditions.
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