Sunshine 100 prices $258m friends and family IPO at the bottom

Sunshine 100 China
By Rev Hui
07 Mar 2014

Chinese property developer Sunshine 100 Holdings raised HK$2bn ($258m) on March 7 having priced at the bottom of its indicative price range even though the anchor orders already covered books.

“It’s a friends and family deal,” said a banker close to the transaction, adding that the anchors were mainly Chinese corporates and high net worth individuals.

While anchor orders can usually generate bookbuilding momentum that did not materialise for Sunshine 100 with subsequent institutional demand said to ...

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