Qinhuangdao prices at bottom after institutions arrive late
Qinhuangdao Port Group managed to complete its HK$4.4bn ($562m) IPO on December 5 but was forced to price it at the bottom due to price sensitivity from institutional investors. The deal was also up against the IPO from China Cinda Asset Management which took much of investors’ focus.
A large cornerstone tranche had already taken $240m of the deal, and there was good demand from Chinese corporate and high net worth individuals, but it was international hedge funds and long only accounts that ending up dictating the price.
“Overall book was quite balanced but a
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