Future Land, undeterred by lukewarm Hong Kong capital market, plans $2.54b IPO

Future Land Development, a property developer based in Jiangsu province, plans to raise up to HK$2.54 billion from an initial public offering (IPO) in Hong Kong, undaunted by the lukewarm capital market.

The company is offering 1.42 billion shares priced between HK$1.45 and HK$1.79 each. Final pricing is expected on November 28, with trading due to begin the next day.

"The condition of the market is one element to consider, but for us what is more important is [the IPO will help to realise] a sustainable development of the company," executive director Huang Maoli said.

via Business feed http://www.scmp.com/business/companies/article/1085680/future-land-undeterred-lukewarm-hong-kong-capital-market-plans