Shanghai's largest private sector property developer Shanghai Forte priced its IPO on Friday via lead manager Morgan Stanley. The company offered 638.3 million shares at HK$2.35 each, the top end of a revised indicative range of HK$1.80 to HK$2.35 per share.
With the inclusion of a greenshoe, total proceeds will rise to HK$1.75 billion $225 million and represent 34.5% of the company's outstanding share capital. The transaction had a split of 98.5% new shares and 1.5% old shares.
Retail books are said to have closed 480 times covered, prompting the maximum clawback to 50% of the deal. Institutional books closed at the $3 billion mark with demand...
