HKE Investments prices $3.11bn trust at the bottom

By Rev Hui
22 Jan 2014

Hong Kong Electric Investments had to price its HK$24.1bn ($3.11bn) IPO at the bottom of its indicative price range on January 22 as investors demanded higher yields for what is the world’s largest equity deal so far this year.

A total of 4.43bn units were sold at a price of HK$5.45 per unit, which was the bottom of an indicative price range that tops at HK$6.30. Final pricing translates to a 2014 dividend yield of 7.24% and a banker close to the deal said investors were very ...

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