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Warburg-Backed ESR Is Gauging Demand for Hong Kong IPO Again

  • ESR postponed its $1.24 billion Hong Kong IPO in June
  • A share sale would mark another major turnaround this year

ESR Cayman Ltd., backed by private equity giant Warburg Pincus, started gauging investor demand for a Hong Kong initial public offering, four months after it postponed a first attempt, people with knowledge of the matter said.

The developer of logistics warehouse systems launched the process this week, the people said, asking not to be named as the information is private. ESR had sought to raise as much as $1.24 billion in an IPO in June but withdrew the sale because of what it said were unfavorable market conditions. There is no indication of what amount it may seek to raise a second time, although one of the people said it could be similar to its last attempt.