China Logistics Property Holdings Co., the warehouse developer backed by Carlyle Group LP, is poised to raise about $433 million in its Hong Kong initial public offering, according to people familiar with the matter.
The Shanghai-based company plans to price its sale of 1.04 billion shares at HK$3.25 apiece, the people said, asking not to be identified as the information is private. China Logistics Property offered the shares at HK$2.55 to HK$3.25 each, according to terms for the deal obtained by Bloomberg earlier.
China Logistics Property is listing at a time when global markets are jittery after the U.K. voted to leave the European Union. The offering will add to the $7.7 billion raised from first-time share sales in Hong Kong so far this year, down from $18.5 billion in the same period in 2015, according to data compiled by Bloomberg.
A Hong Kong-based external spokeswoman for China Logistics Property declined to comment.
China Logistics Property’s revenue jumped 142 percent last year to 163.2 million yuan ($24.4 million) after it doubled the number of logistics parks in operation to 12, according to a March 30 pre-listing exchange filing. E-commerce operator JD.com Inc., package-delivery service SF Express Group Co., and sourcing company Li & Fung Ltd. are among China Logistics Property tenants, its website shows.
Credit Suisse Group AG, Deutsche Bank AG, Bank of America Corp. and AMTD Group Co. are joint global coordinators of the offering.