Cooler harbour

4 November 2019 By Alec Macfarlane

Warehouse owner ESR is the latest issuer to pull off a $1 bln-plus debut, despite months of anti-government demonstrations that have left investors jittery. Alibaba’s plans may be back on track too. But the welcome has been tepid, and may be reserved for blue-chip sellers.

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Shares in ESR Cayman, which develops and manages warehouses for e-commerce companies, closed 5.4% above their initial public offering price on Nov. 1. ESR’s shares closed at HK$17.7, above their offer price of HK$16.8 a share, the mid-point of a marketed range.

The company, which is backed by investors including private equity firm Warburg Pincus, raised $1.6 billion in a relaunched IPO. A first attempt in June, ultimately shelved, would have raised up to $1.2 billion.

The listing follows market debuts in Hong Kong by companies including Anheuser-Busch InBev’s Asia-Pacific unit and Chinese sportswear retailer Topsports International, despite months of anti-government protests in the city.

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