China Harmony Auto, a car dealership group that focuses exclusively on luxury vehicles in China, has raised HK$1.67 billion $215 million from its Hong Kong initial public offering, after fixing the price at the bottom of the indicative range. The stock is set to start trading on Thursday.
The retail and institutional tranches were both fully covered. The institutional portion attracted demand mostly from Asia, including global accounts that placed orders from their Asian offices, a source says, adding that some high-net-worth individuals also came into the order book.
The Hong Kong retail portion was about 1.6 times subscribed, the source notes, which means 10% of...
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