Warburg Pincus-backed Property Developer Sunshine 100 Plans $300M HK IPO

Beijing-based property developer Sunshine 100 is planning an IPO in Hong Kong to raise as much as US$300 million, according to a prospectus of the company.

The company will offer 500 million shares at HK$4 to US$4.8 apiece.

The company says it will use the proceeds to buy new projects or land in China with a focus on business complexes and residential communities.

Warburg Pincus invested US$45 million in Sunshine 100, which will be diluted to 5.17% stake after the IPO is completed.

Founded in 1999, Sunshine 100 has developed property projects in 17 second- and third-tier cities including Beijing, Tianjin, Chongqing and Changsha in China.

China International Capital Corporation and Citibank are serving as the joint sponsors for the IPO.

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