Dalian Wanda Commercial Properties has raised $3.7 billion, in what is the Hong Kong market’s largest initial public offering this year.
That gives the company a market capitalization of around $24 billion, making it the second-largest pure commercial property developer in the world, behind Simon Property Group in the U.S.
Dalian Wanda’s cornerstone investors – China Life, the Kuwait Investment Authority, Och-Ziff Capital Management and Ping An – subscribed to 1.2 billion of the shares ahead of a roadshow. The shares will start trading next week, at HK$48 apiece.
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