Commentary

Money fleeing HK? Not quite, going by the IPOs

Hong Kong may have been seeing money flow out as the city's turmoil undermines its reputation as a stable financial centre, but one important source of capital keeps on coming: cash for initial public offerings (IPOs).

The city has hosted two IPOs of more than US$1 billion (S$1.4 billion) since early June and ESR Cayman is testing investor appetite for a revived share sale of as much as US$1.45 billion. The Hong Kong-based warehouse operator, which is backed by Warburg Pincus and Goldman Sachs Group, delayed its IPO in June, citing unfavourable market conditions. It has now increased its fund-raising target from US$1.24 billion.

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A version of this article appeared in the print edition of The Straits Times on October 25, 2019, with the headline 'Money fleeing HK? Not quite, going by the IPOs'. Print Edition | Subscribe