Meiya Power raises $227m in HK IPO

Meiya Power, a unit of China General Nuclear Power Corp, has raised $227 million in its Hong Kong initial public offering.

Allocations were still being finalised Thursday afternoon, but sources close to the deal said that both retail and institutional tranches were well oversubscribed. The issuer priced 1.03 billion shares, all primary, at HK$1.71 per unit, towards the top of the initial HK$1.57 to HK$1.73 per share range.

Demand from Hong Kong retail investors was particularly robust, with this tranche oversubscribed by nearly 500 times, one source told FinanceAsia. In total, these investors received 103 million shares. Sources note that the institutional...