Shenhua Energy raised $2.95 billion yesterday June 8 from a 3.063 billion share offering priced at HK$7.50 per share. This represented the bottom quarter of an IPO range of HK$7.25 to HK$9.25 per share, although specialists say the leads had only ever really been realistically talking to accounts on a range of HK$7.25 to HK$8.25.
The H share deal also priced some hours later than expected after a lengthy pricing discussion between the company and lead managers CICC, Deutsche Bank and Merrill Lynch. The outcome of this was a decision to price two notches below where the deal been cleared in order to try and...
