ESR Cayman to revive Hong Kong IPO after shelving offering in June as protests, trade war raged
- ESR Cayman warns there is ‘no assurance’ offering will proceed
- The logistics real estate developer had hoped to raise up to US$698.8 million in net proceeds in shelved offering
ESR Cayman, the logistics real estate developer, is looking to revive its initial public offering in Hong Kong, three months after postponing its listing as an escalation in the US-China trade war and protests in the city weighed on investor confidence.
The Hong Kong firm is the second company to look to come back to the markets this week after Anheuser-Busch InBev said it had resumed its application to list its Asia-Pacific business, Budweiser Brewing Company APAC. AB InBev had scrapped the planned US$9.8 billion listing in July.
“There is no assurance that the company will proceed with the offering,” ESR said in a regulatory filing with the Hong Kong stock exchange on Friday.
ESR postponed its filing on June 13, citing “current market conditions”. The company had hoped to raise up to US$698.8 million in net proceeds in its shelved offering.
Friday’s filing did not disclose a timetable or size of the offering. The company declined to comment.
A person familiar with the company’s plans said ESR feels confident about the size of its offering “given strong investor appetite” previously and the company’s first-half performance.
