China worries dampen momentum as Kion prices IPO at bottom
European ECM bankers have for years been desperately searching for equity stories with a China growth angle. But times change. Kion the German forklift manufacturer, on Wednesday evening priced a €404m IPO at the bottom of its price range as investors started to worry about Chinese exposure in a marketing period hit by falling markets.
The company sold 17.23m new shares, 17.4% of the expanded share capital, for €24 each. That was the bottom of the €24-€30 range.
There was capacity in the book to go higher, said bankers close to the deal, but it was important not to be too aggressive amid
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