Compelling or just cheap? Golden Wheel takes no chances with IPO

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. The deal was priced to sell well — even at the top of the range it reflected a sizeable discount to comps — 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.