The IPO of the Mass Transit Railway Corporation 66 will be a success. That much is assured. The Government and the issues sponsors, in this case Goldman Sachs, HSBC Investment Bank and UBS Warburg, have launched an outright offensive to ensure a positive reception to Hong Kongs first privatization of a public corporation.
All the stops have been pulled out including a populist television advertising campaign, the establishment of the www.mtripo.com.hk website and an official launch ceremony, complete with champers and caviar, at Government House.
Never mind that a number of questions remain unanswered regarding the longer-term prospects of the company, its valuation, what exactly is on offer or the reasons...
