Hony-backed Hydoo raises $200m in HK IPO
Hydoo International Holdings, a Chinese commercial real estate developer backed by Hony Capital, has raised more than $200 million in a Hong Kong IPO.
Hydoo sold 768 million new shares at HK$2.15 apiece, the mid point of its indicative range. The stock closed at HK$2.15 on Thursday, the first day of trading.
The Shenzhen-based property developer is involved in developing and operating large-scale trade centers in third- and fourth-tier cities. It attracted about HK$470 million ($60 million) of cornerstone investments in its IPO, including state-owned enterprises Huarong and China Taiping Insurance, as well as retailer Suning Commerce, a Hony portfolio company.
The net proceeds will be used for land acquisitions and project development.
Two years ago, Hony invested $80 million for a 20% stake in the company, according to a regulatory filing. China First Capital acted as investment banker in the transaction. Hony's investment is now worth $150 million based on the IPO price.
Last year, Ping An Hawking Fund committed $178 million for a 3% stake in Hydoo.
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