China Paradise, also known as China Yongle, priced its 455.8 million share IPO just off the top its indicative range on Saturday October 8 after witnessing strong demand. The institutional order book for the $132 million deal closed 19 times oversubscribed and the retail order book 135 times oversubscribed.
This means the full retail clawback was triggered, taking allocations up from 10% to 50%. Institutions were allocated a further 35% and private banking clients 15%, after submitting orders for roughly $500 million.
Specialists say that almost half the institutional allocation went to the top six accounts in the book, which had an overall geographical split of 40%...
