Suntory keeps pricing low
Not even a well oversubscribed book was enough to tempt Japan’s Suntory Beverage & Food to push pricing on its IPO on Tuesday. Despite strong demand, the deal was priced close to the bottom end of the range, but proceeds of ¥388bn ($3.96bn) still meant the deal was the second largest IPO in the world so far this year.
The final pricing was set at ¥3,100 for the sale of 125m shares, compared to a range of ¥3,100-¥3,800.
“We were four times covered on the retail front, and almost two times covered in the international front, so it is fair to say that demand for Suntory is
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