Zhejiang Glass upsizes follow-on to $49.8 million

The fifth Asian placement of new shares this year goes ahead with a full book, but prices at a deep discount.

Zhejiang Glass last night raised HK$388.2 million $49.8 million from the sale of 64.17 million new H-shares.

The initial offer of 57.7 million shares was well covered to allow sole bookrunner Cazenove to exercise the upsize option in full and increase the total deal size by 11% to 64.17 million shares, says a source close to the deal. But the size increase came at a price as the company had to accept a 14.2% discount, which is steep for...

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