Kerry Logistics Network Ltd., a unit of billionaire Robert Kuok’s Kerry Properties Ltd., was little changed in its Hong Kong trading debut today.
The stock closed at HK$10.22 compared with the initial public offering price of HK$10.20. The Hong Kong-based company raised HK$2.2 billion ($284 million) by selling 216.1 million shares. The city’s benchmark Hang Seng Index fell 1.1 percent.
Kerry Logistics plans to use about 51 percent of net proceeds for expansion and acquisitions and 40 percent for loan repayment, according to a Hong Kong stock exchange filing.
Kuok’s Kerry Group Ltd., which owns 56 percent of Kerry Properties, will control 67.7 percent of Kerry Logistics after the listing, according to the prospectus. Kerry Properties owned the entire stake of Kerry Logistics before the sale.