Kosmopolito Hotels International, a Hong Kong-based hotel operator that is being spun off from local conglomerate Far East Consortium International, raised HK$1.18 billion $153 million ahead of its listing in Hong Kong on Monday. It is the first initial public offering by a hotel company on the Hong Kong stock exchange for nearly four years after Shanghai Jin Jiang Hotel’s popular $311 million IPO in December 2006.
Jin Jiang's public offering was more than 380 times subscribed by retail investors, which triggered a full clawback, and the stock soared 95% on its first trading day. Unlike Kosmopolito, Jin Jiang has all its operations in mainland China, but the good market response still reflected...
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