Concord Land Development, the property unit of Pacific Concord Holding, has set a share price range of $3.34 to $3.96 for its spin-off, down from $3.37 to $4 reported earlier.
The new range represents a discount of 30-40 per cent to its net asset value.
The price will be fixed on Friday and shares will begin trading on November 7.
The company will sell 300 million shares to raise about $1.1 billion.
Of the shares offered, 85 per cent will be placed with institutional investors and 15 per cent sold to the public in an offer set to close on Friday.
The company will raise net proceeds of about $712 million, if based on the low-end of the price range, or $845 million at the top end.
Concord Land's prospectus forecast a taxed profit of at least $50 million for the year to December.
