China First Heavy fails to raise maximum amount from A-share IPO

China First Heavy prices its $1.67 billion Shanghai IPO below the top of the indicated range, becoming the first company to do so since China lifted its ban on IPOs last July.

On the heels of China XD Electric's trading debut, which was the weakest in years, China First Heavy Industries has added more pressure on China's A-share market after its initial public offering raised less than the targeted amount. The smaller deal size was a result of the company setting the final price below the top of the indicated range.

It's almost routine for Shanghai issuers to price their IPOs at the top end of a price range...

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