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Dow Jones Newswires: China Vanke’s Onewo unit plans to raise over $780 million in Hong Kong IPO

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Onewo Inc., a property-management arm of China Vanke Co. is planning to raise as much 6.15 billion Hong Kong dollars (US$783.5 million) through an initial public offering in Hong Kong.

The company will start taking orders from Monday and is marketing each share at a price range of HK$47.1-HK$52.7, it said.

China Vanke
2202,
,
which holds 63% stake in Onewo, had approved a spinoff of the service arm in November last year.

The company expects to finalize the IPO price on Sept. 22 and aims to begin trading on the Hong Kong stock exchange from Sept. 29, it said.

Onewo offers community services such as home sales, rental brokerage, home decoration and furnishing services for property owners and residents. It also provides property and facility management services for developers, governments and other institutional clients.

Proceeds from the IPO will be used to expand its business in first- and second-tier cities and for acquisitions.

Citic Securities, Citigroup and Goldman Sachs are acting as joint sponsors on the deal.

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