Retail investors snap up Cogobuy

Cogobuy, a Shenzhen-based e-commerce company, has raised $177 million after pricing an initial public offering of shares in Hong Kong in the middle of its targeted range.

Retail investors, encouraged by the solid performance of other mainland listings in Hong Kong recently, were central to the deal’s success. Indeed, local investors placed roughly $500 million of orders, allowing the syndicate to exercise the clawback option and increase the retail slice to 30% from 10%, according to a banker close to the deal.

The company, which specialises in online sales of electronic components and operates in a sector with tremendous potential, sold 343.8 million shares, or 25% of...