Shimao prices HK IPO at low end

Shanghai-based developer Shimao Property Holdings has raised US$479 million after it priced its Hong Kong initial public offering at US$0.80, the lowest end of the indicative range, the South China Morning Post reported. Demand for the retail tranche of Shimao's share sale, which accounted for 10% of the total shares on offer, was undersubscribed, but the institutional tranche was 2.5 times covered. With 595.12 million shares, the offer was the second-largest flotation by a mainland property company, according to research company Dealogic. Shimao will make its trading debut on July 5.