Onewo Inc. makes weak public debut in Hong Kong

Shares of Onewo Inc. opened decrease on debut in Hong Kong, failing to provide an preliminary pop, as investor sentiment remained cautious in an unsure market.

The property providers supplier’s shares opened 7.6% decrease at 45.60 Hong Kong {dollars} (US$5.81) a share on Thursday. The inventory was just lately down 7.1% at HK$45.85.

Onewo, majority-owned by developer China Vanke Co.
had raised HK$5.6 billion in web proceeds within the preliminary public providing after pricing its shares at HK$49.25 every.

International IPO volumes have been tepid this yr, as rising rates of interest and inflation have soured investor urge for food for brand new choices. In Hong Kong, new and secondary listings have raised $7.5 billion up to now this yr, down 79% from the identical interval a yr earlier, in line with Dealogic knowledge final week.

Onewo had priced its IPO on the midpoint of the value vary of HK$47.10 to HK$52.70, giving it a valuation of US$7.34 billion.

Onewo provides group providers akin to dwelling gross sales, rental brokerage, dwelling ornament and furnishing providers for property homeowners and residents. It additionally offers property and facility administration providers for builders, governments and different institutional purchasers.

The corporate intends to make use of the IPO proceeds to increase its enterprise in first- and second-tier cities and for acquisitions.

Citic Securities, Citigroup and Goldman Sachs have been joint sponsors on the deal.

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