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Sunshine 100 prices IPO at bottom end of range

6 Mar 2014

china lantern_sqPrivate equity-backed Chinese property developer Sunshine 100 China Holdings has raised $258m via an IPO on Hong Kong’s stock exchange, which was at the lower end of its expectations.

Sunshine, which is backed by private equity major Warburg Pincus, priced its IPO at KH$4 per share, said Reuters.

This was at the bottom end of its indicative range of between HK$4 and HK$4.8 per share.

The company currently has property projects in 17 cities including Beijing, Tianjin, Chongqing and Changsha.

Earlier this month Chinese healthcare services company iKang Healthcare Group filed to raise $150m via an IPO on the Nasdaq exchange.

Singapore sovereign wealth fund GIC owns a 13.6 per cent stake in the company, while Goldman Sachs and NewQuest Asia own 10.5 per cent and 7.8 per cent, respectively.

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