JPMorgan completed an increased 850 million share placement for China Overseas Land yesterday Monday raising HK$1.53 billion $196 million. The deal was increased from a base offer size of 700 million and priced towards the wide end of the range after a four-hour bookbuild.
The lead is said to have been working on the deal for a few weeks and launched the offering after Asia's close at a price range of HK$1.78 to HK$1.83 per share. Final pricing was settled at 1.80, representing a 10% discount to the stock's closing share price of HK$2. On a five-day average, however, pricing appears much tighter and comes in at...
