Man Wah Holdings, a sofa maker and retailer, has cut its Hong Kong initial public offering to less than half the amount initially targeted following a decision by existing shareholders not to sell any shares amid the current weak market environment.
The targeted amount has been downsized to HK$1.64 billion $212 million from $317 million to $440 million, and the previous offering price range of HK$8.50 to HK$11.8 per share has been reduced to a fixed price of HK$6.80 per share, according to a new term sheet. The deal, which is arranged by Macquarie Capital, initially closed on Wednesday, but was relaunched with the new terms yesterday morning. The company, which...
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