Onewo to raise HK$733 million in IPO on Monday

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Onewo to raise HK$733 million in IPO on Monday

A thin undated file photo shows an advertisement for China Vanke Co LtdVanke Co Ltd in the Shenzhen Metro. According to two sources with direct knowledge of the matter, PHOTO XINHUA HONG KONG developer China Vanke Co LtdVanke Co Ltd's property services arm Onewo Inc is poised to raise HK $5.75 billion US $733 million after pricing its shares at HK $49.35 each in its Hong Kong Special Administrative Region IPO.

Sources could not be named as the information was not yet made public. Onewo didn't want to say anything.

Onewo, a unit of the Chinese mainland's second largest developer by sales, sold 116.74 million shares in the deal. The shares represent 10 percent of Onewo's share capital.

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The price is close to the middle of the range HK $47.1 to HK $52.7 apiece when the deal is launched on Monday.

According to regulatory filings, Vanke is its biggest customer and owns 62.9 percent of Onewo.

Onewo is one of the largest Hong KongIPOs in 2022 so far. The largest mainland electric vehicle maker, Leapmotor Technology, is due to price shares on Friday as it attempts to raise US $1 billion.