Phoenix Healthcare takes to the skies with 600x covered IPO

By Rev Hui
26 Nov 2013

Even with books for Phoenix Healthcare Group’s HK$1.5bn ($191m) IPO covered with hours of opening, final demand for the deal exceeded expectations with an a retail portion that was more than 600 times covered.

“The deal went crazy,” one banker close to the deal said. “Investors have really taken a liking to Phoenix Healthcare because they will be getting exposure to China’s private hospital sector for the first time.”

The oversubscription at the retail level  triggered the maximum maximum clawback, which kicked ...

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