Hong Kong | ESR Cayman, backed by private-equity firm Warburg Pincus, relaunched a bigger Hong Kong initial public offering (IPO) that aims to raise as much as $US1.45 billion ($2.1 billion), according to a term sheet seen by Reuters.

The relaunch of what would be Hong Kong's second-biggest IPO this year, after the float of AB InBev's Asia-Pacific unit , comes as companies forge ahead with listing plans in Asia's top financial hub following a months-long freeze during frequently violent anti-government protests.

ESR, which manages a range of property-focused funds and its own property investments, started book-building on Monday.

It is selling about 654 million shares with a split of 42.9 per cent primary shares and 57.1 per cent secondary, totalling 21.5 per cent of its enlarged share capital, at an indicative range of $HK16.20 ($3) to $HK17.40, the term sheet showed.

Based on that range, the firm could raise $US1.35 billion to $US1.45 billion before any over-allocation option is included, giving it a market capitalisation of $US6.27-$US6.74 billion after the float, according to the term sheet.

The IPO has an offer size adjustment option allowing to sell more secondary shares, equalling up to 15 per cent of the base deal. ESR can also exercise a 15 per cent "greenshoe", or over-allotment, option if there is demand.