Huatai Securities, one of the leading brokerages in China, has priced its initial public offering at the bottom of the indicated range. That makes it the second company this month to fail to raise the maximum amount from a Shanghai listing and signals that the IPO frenzy in China is history.
Despite the lukewarm response from investors, however, Huatai still pulled off the biggest A-share IPO so far this year, exceeding the $1.67 billion raised by China First Heavy and China XD Electric's $1.5 billion offering.
Huatai raised Rmb15.69 billion $2.3 billion by selling 784.6 million primary A-shares at Rmb20 apiece. The shares were offered in a range between Rmb20 and Rmb22. The deal...
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