Compelling? Golden Wheel takes no chances

Big retail demand took subscription levels for the IPO of property developer Golden Wheel Tiandi to 25 times covered by the time the deal was priced on Tuesday night. It was priced to sell well — even at the top of the range it reflected a large discount to comparables. But the company opted not to push pricing to the top of the range in the interests of maintaining a good relationship with what it hopes will be a long term investor base, said a banker who worked on the deal.

  • 11 Jan 2013
That cautious approach was unsurprising given the still tentative nature of the IPO market in Asia, despite bankers’ growing confidence that the first half of the year will turn out to be busy. And bankers on the deal argued that market sentiment had improved a lot even since ...

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5 Standard Chartered Bank 24,328.55 174 4.20%

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5 Santander 9,596.44 36 8.17%

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5 Deutsche Bank 9,721.98 26 5.21%

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5 Citi 95.36 35 5.16%

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5 BNP Paribas 5,165.02 8 5.27%