ESR pulls plug on 2019's biggest Hong Kong IPO

Quick read
Fiona Lau

Logistics property developer ESR Cayman has pulled its Hong Kong IPO of up to HK$9.76bn (US$1.24bn), according to people close to the deal.

The deal would have been Hong Kong’s biggest listing so far this year.

The Warburg Pincus-backed company marketed 561m shares (58% primary/42% secondary) in an indicative range of HK$16.20–$17.40 per share.

The range represented a 2020 forecast P/E of 16.7–17.9 and a 2020 forecast EV/Ebitda of 14.3–15.0.

The deal was scheduled to price on June 12 and the shares were due to start trading on June 20.

CLSA and Deutsche Bank are sponsors, and joint global coordinators with Citigroup, Credit Suisse, DBS and Goldman Sachs.

ESR to launch US$1.4bn IPO on Monday