Retail buyers flock to Bawang as Hong Kong gets IPO fever
Bawang International, the Chinese herbal shampoo company, is likely to price its initial public offering at the top end of its target range today (Friday) after investors flocked to the deal in an emphatic display of confidence in Hong Kong’s resurgent IPO market.
Retail investors placed orders worth around 400 times the shares on offer, triggering a clawback that will increase the size of the retail tranche from 10% to 50% of the total deal size.
That will complicate the allocation process for bookrunners HSBC and Morgan Stanley, but shows that
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