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Private equity-backed Hydoo raises over $200m in Hong Kong IPO

31 Oct 2013

real estate_lrgChinese private equity-backed commercial real estate developer Hydoo has raised more than $200m via an IPO on Hong Kong’s stock exchange.

Earlier reports said the company planned to float 768m shares representing a 19.1 per cent stake priced at between HK$1.85 and HK$2.45 apiece to raise as much as $242m. Morgan Stanley and UBS acted as lead underwriters for the IPO.

The company’s backers include Hony Capital, which participated in its $80m Series A round in 2011, and Chinese financial services group Ping An.

Earlier this month it was reported that one of Hydoo’s backers, Hony, had plans to make about $260m by selling shares in CSPC Pharmaceutical Group through two affiliates.

Recent IPOs in Hong Kong included the flotation of web games developer Forgame Holdings, which is backed by private equity firm TA Associates and Chinese venture investor Qiming Venture Partners.

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