Petro-king attracts strong demand for Hong Kong IPO

Termbray Petro-king Oilfield Services, an independent China-based provider of high-end oilfield services, has raised HK$820 million $106 million from its Hong Kong initial public offering after fixing the price just below the top of the indicative range. The stock is slated to start trading on March 6.

After shunning IPOs last year, Hong Kong retail investors came in to the deal with vigour, continuing a trend seen on other recent deals as well. The retail portion of the offering was 33 times covered, triggering a clawback that boosted the tranche to 30% of the deal, from the initial plan for 10%.

The larger institutional tranche...