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Warburg Pincus-backed Sunshine 100 eyes $310m HK IPO

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Sunshine 100 China Holding, a Chinese property developer backed by Warburg Pincus, has launched its Hong Kong IPO, seeking up to HK$2.4 million ($310 million).

The Beijing-based property developer is offering 500 million shares at HK$4-$4.8 apiece, according to a prospectus. The firm, which was founded in 1994 with a focus on second- and third-tier cities, has projects in 16 cities including Tianjin, Chongqing, and Wuhan.

In 2006, Warburg Pincus invested $25 million in the company's projects in Chengdu, Sichuan, Shenyang, and Liaoning provinces through an affiliate. The private equity firm then funded the property development business itself, investing an additional of $80 million.

Sunshine 100 has been restructured ahead of the IPO, with Warburg Pincus set to own a 5.17% stake in the firm upon completion of the offering.

Most of the proceeds raised have been earmarked for land acquisitions, with a primary focus on business complexes and residential apartments. The balance will be used to finance the development of existing projects and working capital.

China International Capital Corporation and Citibank are joint sponsors for the offering.

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