GC
Kangda overcomes weak peers with HK IPO
Kangda International Environmental Company raised HK$1.4bn ($177m) from its Hong Kong IPO after pricing the transaction at the top of price guidance. The company battled against lukewarm market conditions on the final day of bookbuilding, but still triggered the highest clawback available after the retail tranche was more than 250 times covered.
The wastewater treatment company opened books on June 16 by offering 500m primary shares at HK$2.00-HK$2.80. But when the time came to price the deal on June 27, market movements proved a challenge for joint sponsors, joint global co-ordinators and joint bookrunners
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