NVC Lighting Holdings has brought a dim light of hope to the otherwise fairly gloomy market for initial public offerings. The deal sailed through the Hong Kong IPO market and received enough interest to trigger a clawback that increased the allotment to retail investors to 30% from 10%. The institutional portion was multiple-times covered.
That makes this deal something of a hit, especially since it was in the market at a time when several major IPOs were either cancelled or postponed due to volatile conditions and rising risk awareness.
The company, which produces and sells lighting products in China and is part owned by Goldman Sachs, raised HK$1.53 billion $198 million after fixing...
¬ Haymarket Media Limited. All rights reserved.
