Dynasty Fine Wines has got the Hong Kong IPO market off to a good start this year, raising HK$675 million $86.5 million via lead manager ABN AMRO Rothschild on Friday. A 300 million new share deal was priced at HK$2.25, the top of a HK$1.75 to HK$2.25 indicative range.
Pre-greenshoe, the deal represents 25% of the enlarged share capital and has been priced at 15.2 times 2005 earnings fully diluted. The institutional tranche closed 80 times covered and the retail tranche a massive 625 times covered, prompting full clawbacks to 50% of the deal.
Of the 135 institutional investors who applied for...
