Sportswear brand Xtep prices IPO at bottom

At HK$4.05 a share, the Chinese company raises $285 million and attracts investors interested in holding the stock for the long term.

Xtep International, China's second largest fashion sportswear company, has priced its initial public offering at the bottom of the indicated range at HK$4.05 a share, raising HK$2.2 billion $285 million before its Hong Kong listing on June 3.

A source close to the deal says the institutional book was √īcomfortably√∂ covered. The 10% retail tranche was also fully subscribed, but not enough to trigger a clawback which would have required a subscription ratio of at least 15 times....

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