Shanghai Fosun Pharmaceutical has raised HK$3.97 billion $512 million after pricing its Hong Kong initial public offering at the bottom of the indicated range.
The company, which is already listed in Shanghai, will be the largest new listing in Hong Kong in three months, but it is still unlikely to give issuers in the pipeline the reassurance they are looking for with regard to investor appetite for IPOs.
A key reason for that is that the majority of the institutional demand came from China-based accounts. And even though investors were told on Friday last week that the deal was fully covered, the bookrunners ended up...
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