Telephone handset manufacturer Foxconn International Holdings priced its IPO at the top end of the range on Friday raising $432 million from a deal led by Goldman Sachs and UBS. And in a further sign that the Hong Kong equity markets remain buoyed by liquidity, both the retail and institutional order books closed with a healthy oversubscription multiple.
The retail order book closed 41.5 times covered, prompting clawbacks to 30% of the overall deal, while the institutional order book closed 10 times covered at the top end of the range. About 70% of the institutional order book came from funds, with 30% from corporate and high net worth investors. A...
