Sunshine Oilsands and AviChina raise a combined $740 million

Activity in Hong Kong’s equity market surged on Friday as Calgary-based Sunshine Oilsands raised HK$4.49 billion $580 million from its initial public offering and AviChina Industry Technology, a Chinese maker of helicopters and trainer jets, raised HK$1.21 billion from an H-share placement.

Sunshine Oilsands’ IPO was bolstered by a $350 million commitment by three cornerstone investors. The company sold 923 million new shares, or about 32% of the share capital. The deal was priced at HK$4.86 per share, which was at the bottom of the price range that extended to HK$5.08 at the top. The offering comes with a 15% greenshoe that could expand the...