China New Higher Education CNHE priced its Hong Kong initial public offering late on Monday night, raising HK$915 million $117.88 million post-greenshoe.
The 329.153 million primary share deal including the greenshoe was priced at HK$2.78 per share, 33% through the HK$2.56 to HK$3.22 marketed price range.
The retail order book is said to have closed two times covered, which means no clawbacks have been triggered and local investors will be allocated 10% of the base deal.
This oversubscription ratio is very similar to Minsheng Education, the last private sector educational company to come to market in March.
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