NT Pharma surprises with low price, Hilong gets HK$1.04bn
China NT Pharma Group and Hilong Holdings closed their initial public offerings on Thursday, the first IPOs to close in Hong Kong in four weeks. Bankers both on and away from NT Pharma’s deal were surprised when it was priced at the bottom of the range, but Hilong managed to price just above the lower end of its range.
NT Pharma raised HK$1.62bn ($208.3m) at HK$4.54 a share, from a HK$4.54-HK$6.00 range. The price gave the company a price-to-earnings ratio of 16.4 times and bankers close to the deal said the institutional book was covered three times.
Some bankers thought the deal would get enough support from sector-focused
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