China Zhongwang Holdings has priced its initial public offering at HK$7 per share, towards the low end of the indicated range of HK$6.80 to HK$8.80, offering further evidence that this is still a buyer's market. Even at the low end though, the company was able to raise HK$9.8 billion $1.26 billion, which makes this the largest IPO globally this year, ahead of Mead Johnson Nutrition's $828 million US offering in February.
Zhongwang, a Chinese manufacturer of aluminium extrusion products, received solid support from institutional investors who welcomed the large scale of the offering, which suggests that it will be a liquid stock -- something that investors value amid the volatile...
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