CIMC prices HK$1.7bn float at bottom

Hong Kong central 230px
By Gina Lee
05 Jul 2019

China’s CIMC Vehicles, a trailer maker, has priced its float of 265m shares on the Hong Kong Stock Exchange at the bottom of the range, raising HK$1.69bn ($217.1m).

At the final pricing of HK$6.38 per share, the company is valued at seven times price-to-earnings ratio after a 15% greenshoe option, according to a source close to the deal. The IPO was launched with guidance of between HK$6.38 and HK$8.08.

The proceeds will be bumped up ...

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