HKBN raises $748m as 25% investors get zero

HKBN — Hong Kong Broadband Network — has delivered a strong boost for the city’s ECM market, pricing its HK$5.80bn ($748m) deal at the top of the range to become the largest IPO on the exchange so far this year. The absence of any sensitivity on pricing meant books were multiple times covered, making allocations very tricky and meaning that 25% of the investors went away empty handed.