The Hong Kong government and global co-ordinators Goldman Sachs, HSBC and UBS Warburg have been presented with an allocation nightmare this weekend, as they try to divide up a roughly $16 billion order book for a $1.21 billion deal, at the top end of its indicative range.
Observers report that the institutional order book has closed around the $10 billion level, representing a roughly 10 times oversubscription level to the $964 billion worth of shares, initially be available should pricing come at the top of the range under an 80%20% institutionalretail split.
Where the domestic book is concerned, bankers report that roughly 600,000 completed applications had been counted late...
