Investing.com – Shares of the newly listed Hong Kong real estate developer ESR Cayman Ltd (HK:) 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 rose 0.5% to 27,036.00 by 11:58 PM ET (03:58 GMT).
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