OEM silk manufacturer China Ting raised HK$1.01 billion $130 million from a 75 million share IPO on Friday December 9. The BNP Paribas Peregrine led deal was priced at HK$2.025, just above the mid point of its HK$1.80 to HK$2.20 range.
Despite strong subscription levels, the company decided to play it safe with pricing in a nod to an IPO market, which is currently driven more by momentum than fundamentals. The institutional book closed 30 times covered and the retail book 98 times. By geography, 50% of demand came from Asia and 25% each from the US and Europe.
Based on its...
