Cinda prices IPO at the top to raise $2.46 billion

Investors shrugged off warnings from numerous commentators and piled into the initial public offering of China Cinda Asset Management the country’s first distressed debt manager to seek a public listing.

According to sources, the company attracted about $20 billion of demand from retail investors and more than $40 billion of orders from institutional investors, making it one of the most heavily subscribed Hong Kong IPOs in the past few years.

The interest is still well below the $130 billion of demand for AIA’s $20.5 billion IPO in 2010, but is notable since there was a lot of scepticism before the deal as to whether it...