Hogan Lovells has advised the underwriters, which include UBS AG Hong Kong Branch, DBS Asia Capital Limited and CIMB Securities Limited, on the Hong Kong IPO and Rule 144A placing of Nirvana Asia Ltd (“Nirvana”), the largest integrated death care service provider in Asia.
The public offering of the shares was oversubscribed by more than 50 times. The IPO price was set at HK$3.00 per share, raising US$261 million. If the over-allotment option is exercised in full the deal value would increase to approximately US$300 million.
Nirvana is the first Malaysian-based death care service operator to seek a listing in Hong Kong. The company offers integrated death care services in Malaysia, Singapore and Indonesia with a network of 10 cemeteries, 12 columbarium facilities and two funeral homes. It is the largest death care service provider in Malaysia with market share of 31% in 2013. The company will primarily use the proceeds from the IPO to increase the capacity of its existing cemeteries, columbarium facilities and funeral homes through land acquisitions and new construction, and to establish new cemeteries, columbarium facilities and funeral homes in new markets through greenfield projects.
The Hogan Lovells team was led by Hong Kong-based partner Jamie Barr, U.S. securities partner Thomas Tarala and consultant Nelson Tang, supported by senior associate Sheryl Cheung, associate Jianhao Zheng, and paralegals Jessica Shing, Judy Li, Linda Liao and Lydia Song.
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