PROPERTY software company Ming Yuan Cloud yesterday launched an initial public offering (IPO) in Hong Kong to raise as much as HK$6.17 billion (US$798 million), a deal term sheet showed, as the city gears up for its second busiest week for equity offerings this year.

The company, a provider of software solutions for property developers, will sell 374 million shares at a range of HK$15 to HK$16.50 each, which will value it between US$3.62 billion and US$3.98 billion.

A virtual management roadshow began yesterday, according to the term sheet, and the deal is set to price Friday.

Ming Yuan’s deal is part of a slew of IPOs and secondary listings worth at least US$4.5 billion due to launch in Hong Kong this week, which is on track to be the second busiest for equity capital markets in the city in 2020, according to Refinitiv data.

The busiest week of the year was in June when JD.com and Netease raised US$7.5 billion combined.

Ming Yuan shares will start trading on the Hong Kong stock exchange Sept. 25.

The deal has attracted six high profile cornerstone investors which will take US$276 million worth of stock, equating to 35 percent of the shares at the top end of the offer, the term sheet shows.

Hillhouse has subscribed for US$86 million worth of stock, Singapore’s GIC and China Structural Reform Fund will take US$50 million each, according to the term sheet.

Private equity fund Sequoia, Blackrock and Fidelity International will each take US$30 million.

(SD-Agencies)