BNP Paribas Peregrine priced a 114 million share IPO for Great Wall Auto GWA just off the top of its indicative range yesterday after receiving demand in excess of HK$184 billion $24 billion for the HK$1.52 billion $195 million deal.
After marketing the offering at HK$10.05 to HK$13.40 per share, pricing was settled just below the top of the range at HK$13.30 in order to give the deal a secondary market kicker. This was hardly needed, however, given levels of investor demand, not seen since the bubble days of pre-handover Hong Kong and the dotcom era.
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