IMM prices IPO at the bottom and downsizes institutional tranche

International Mining Machinery IMM, a Chinese mining equipment producer, late last week priced its Hong Kong initial public offering at the bottom of the indicated range for a total deal size of HK$2.54 billion $327 million.

This was the latest sign that investor appetite for new deals is waning as global stockmarkets come under increasing pressure, and further evidence that the world's number one IPO market in 2009 is losing its vigour.

A day earlier, Chu Kong Petroleum and Natural Gas Steel Pipe Holdings' IPO was also priced at the bottom, capping the deal size at...