(Bloomberg) -- ESR Cayman Ltd. has decided to delay a Hong Kong initial public offering to raise as much as $1.24 billion, citing unfavorable market conditions.
The logistics real estate developer announced its decision in a statement to the Hong Kong stock exchange on Thursday. ESR and some of its shareholders, including Warburg Pincus and Goldman Sachs Investments Holdings (Asia) Ltd., were planning to sell 560.7 million shares at HK$16.2 to HK$17.4 apiece, according to a prospectus.
At $1.24 billion, ESR's share sale would have been the biggest in Hong Kong this year. The company initially planned to start trading on June 20. Deutsche Bank AG and CLSA Ltd. are joint sponsors for the offering.
To contact the reporter on this story: Fion Li in Hong Kong at fli59@bloomberg.net
To contact the editors responsible for this story: Fion Li at fli59@bloomberg.net, Amy Thomson
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