Carlyle-Backed Yupei Said to Hire Arrangers for $300 Million IPO

  • Yupei mandates Credit Suisse, Deutsche Bank to lead share sale
  • Chinese warehouse developer aims to list as early as mid-year

Shanghai Yupei Group Co., the Chinese warehouse developer backed by Carlyle Group LP, plans to seek at least $300 million in a Hong Kong initial public offering, people with knowledge of the matter said.

The company hired Credit Suisse Group AG and Deutsche Bank AG as lead arrangers for the share sale, the people said, asking not to be identified as the information is private. The company aims to list as early as the middle of this year, according to the people.

Demand for warehouses and logistics services in China is rising as more consumers make purchases online. The nation’s e-commerce industry will expand 20 percent this year to 3.6 trillion yuan ($553 billion), according to Shanghai-based consultancy IResearch.

Shanghai Yupei, founded by chairman Li Shifa in 2003, operates 40 logistics parks and e-commerce centers across the country with a total area of more than 3 million square meters (32.3 million square feet). Its customers include e-commerce firm Inc., appliance seller Suning Commerce Group Co. and Wal-Mart Stores Inc.’s Chinese online grocer, as well as BMW AG and Coca-Cola Co., its website shows. 

Shanghai Yupei didn’t immediately respond to an e-mail seeking comment, while representatives for Credit Suisse and Deutsche Bank declined to comment.

The company’s backers include Carlyle and Townsend Group, according to its website. RRJ Capital Ltd., a fund run by former Goldman Sachs Group Inc. partner Richard Ong and his brother Charles, and Singapore state investment firm Temasek Holdings Pte’s Seatown Holdings International unit invested a combined $250 million in Shanghai Yupei in 2014.

— With assistance by Dingmin Zhang, and Vinicy Chan

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