U.S. private equity firm Warburg Pincus has agreed to subscribe shares valuing a total of HK$77.5 million (US$10 million) in the Hong Kong IPO of Chinese property developer Jinmao Investments as a cornerstone investor, according to a regulatory filing Jinmao filed with the Hong Kong Stock Exchange last week.
Jinmao Investments, a hotel property spin-off from the Sinochem Group, is targeting to raise as much as HK$3.39 billion (US$440 million) in the IPO.
Warburg Pincus is among four cornerstone investors that will together purchase HK$310 million (US$40 million) during Jinmao’s IPO. The other three investors include one executive and a director at Singaporean property firm SingHaiyi Group, as well as Shanghai-listed property firm Shanghai Construction Group Co., Ltd.
In February, Warburg Pincus-backed Chinese property developer Sunshine 100 completed an IPO in Hong Kong.