Chinese fixed line operator China Netcom priced its Hong Kong and New York IPO just above the mid point of the range yesterday November 10 raising HK$8.87 billion $1.14 billion from the deal pre greenshoe. Thanks to a recent uptick in the share price of China Telecom, the IPO valuation started to appear extremely attractive in the last few days of the bookbuilding process resulting in a very strong institutional order book of $16 billion.
The 1.046 billion share deal was priced at HK$8.48 versus a marketed range of HK$7.88 to HK$9. The ADR component of the deal was priced at $21.82 via lead managers CICC,...
