Beijing Digital prices IPO at rock bottom

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By Rev Hui
03 Jul 2014

Telecommunication and mobile phone retailer Beijing Digital Telecom was forced to price its HK$883m ($114m) IPO at the bottom of guidance on June 30 as investors showed signs of deal fatigue after a rush of deals in June.

Led by joint global co-ordinators Citi and UBS, the Beijing Digital flotation saw 166.67m primary shares sold at HK$5.30, the bottom of a HK$5.30-HK$7.10 indicative price range.

Final pricing translates to a 2014 P/E multiple of 8.6 times, a big discount to comparables GOME Electrical Appliances Holding, Carphone ...

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