Hongqiao prices largest IPO despite turmoil

China Hongqiao braved volatile markets to price Hong Kong’s largest IPO of the year on Friday, surprising bankers that had questioned whether the aluminium company could get the deal done. But the company priced at the bottom of its price range, raising HK$6.4bn ($817m).

  • 18 Mar 2011

The deal priced at HK$7.20 a share from a HK$7.20 to HK$8.30 per share price range.

“Hongqiao’s nearest comp is Chalco which is trading at 23 x PE and this price puts Hongqiao at six times PE for 2011,” said a banker away from the deal. “But in these ...

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