Malaysia-based death care service provider Nirvana Asia has completed an initial public offering (IPO) on the Hong Kong Stock Exchange. Nirvana issued 674.7 million shares at HKD3 (approximately US$0.39) per share, raising HKD2 billion (approximately US$261 million) in IPO proceeds. Private equity firms Orchid Asia and AIF Capital Asia, which invested in Nirvana through Orchid Asia V and AIF Capital Asia IV ahead of the company’s IPO, own a 21.6 percent stake and a 10.7 percent stake, respectively, post-listing. Orchid and AIF are subject to a six month moratorium on selling their shares. With the IPO proceeds, Nirvana intends to acquire additional land in Malaysian cities, expand its current capacity and acquire other funeral service providers in Malaysia, China and Indonesia.