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Real Estate Developer ESR Cayman Jumps Almost 6% in Hong Kong Debut

Published 10/31/2019, 11:59 PM
Updated 11/01/2019, 12:00 AM
© Reuters.

Investing.com - Shares of the newly listed Hong Kong real estate developer ESR Cayman Ltd (HK:1821) surged almost 6% in its first day of trading.

The shares opened at HK$17.60 a share in the morning, gaining 5.8% from its IPO price of HK$16.80.

The offering, which raised $1.6 billion for the company, is the second-largest IPO in the city this year behind Budweiser APAC’s $5.7 billion IPO in September.

ESR Cayman previously pulled its IPO plan in June due to the still-ongoing unrest in Hong Kong. “Sometimes you can’t pick the geopolitical and macro environment, and when we really ... looked at the situation in June, it just wasn’t the right time for the company,” the firm’s Chairman Jeffrey Perlman told CNBC in an interview on Friday.

The Hang Seng Index rose 0.5% to 27,036.00 by 11:58 PM ET (03:58 GMT).

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