Evergrande raises its Hong Kong IPO to $828 mln

HONG KONG, Oct 22 - Chinese property developer Evergrande Real Estate Group Limited raised its deal size 6.8 percent to HK$6.46 billion (US$828 million) in a Hong Kong initial public offering, according to its listing prospectus filed to the Hong Kong Stock Exchange.

The Guangzhou-based property developer, which focuses on development of residential properties, initially planned to raise HK$6.05 billion, by selling 1.51 billion shares, according to a term sheet sent to investors on Oct. 19.

The firm is now selling 1.61 billion shares, of which 62.2 percent are new shares and 37.8 percent are existing shares, at a price range indicated between HK$3.0 and HK$4.0 per share.

"Increasing the number of offered shares is because of a technical reason," a spokeswoman for the company said.

Evergrande tried to raise $2.1 billion in a flotation in March last year but cancelled the deal after lack of interest.

The firm is expected to price its shares on Oct 29, with trading expected to begin on Nov 5.

BofA-Merrill Lynch and Goldman Sachs are joint sponsors of the deal, and they together with Credit Suisse and BOC International are joint global coordinators and joint bookrunners. (US$1=HK$7.8)