QR National retail tranche derails
Some of the retail portion of the IPO of Australia’s QR National could be reallocated to the institutional tranche after a poor response that was driven by ambitious pricing, said bankers.
After the retail bid closed on Tuesday, it looked increasingly likely that the Queensland rail operator’s IPO would price at the bottom of its range, and market talk suggested that the retail tranche may not have been fully subscribed. But bookrunners maintained that international interest for the deal
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