HKT Trust finds demand for Hong Kong IPO ‘at the last minute’ after pricing at bottom

23 Nov 2011

HKT Trust, the telecommunications spin-off of PCCW, raised HK$9.3bn ($1.193bn) from its Hong Kong IPO after pricing the deal at the bottom of its price range on Tuesday night.

The offering lacked any early momentum and retail investors were scarce from the book, subscribing for just 1% of the deal. Hedge funds were also few and far between, which some bankers blamed on a big drop in local shares last week. The Hang Seng Index is down ...

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