Newton defies market to price offering

27 Jun 2011

Mining company Newton Resources priced its initial public offering over the weekend, defying negative market sentiment to raise HK$1.75bn ($224.7m).

Newton Resources sold 1bn shares at HK$1.75 each, the bottom of a HK$1.75 – HK$2.35 a share price range. But Newton’s retail and institutional tranches were both covered, unlike Prada’s HK$16.7bn IPO earlier this month.

Prada was forced to increase its institutional tranche by 5% after the retail tranche ...

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