Sino-Ocean Land raises US$1.5bn ahead of HK IPO

Sino-Ocean Land Holdings, the property company, raised US$1.5 billion in an initial public offering ahead of a Hong Kong listing scheduled for Friday, the Wall Street Journal reported. Sino-Ocean, set up by state-owned China Ocean Shipping (Group) Co and Sinochem Corp, sold 1.55 billion shares, or 36.6% of its enlarged issued share capital, at US$0.99 per share. This is the top of the indicative range of US$0.83 to US$0.99 per share. Ten investors have subscribed to a total of US$240 million of Sino-Ocean shares, including the Government of Singapore Investment Corp, China Life Insurance, Henderson Land Development chairman Lee Shau-kee and the Kwok brothers, major shareholders of Sun Hung Kai Properties. BOC International Holdings, Goldman Sachs and Morgan Stanley are managing the offering.