Sofa maker halves IPO size due to soft demand

Man Wah trims its initial public offering to $212 million, while paper recycling company Fook Woo prices at the top to raise $185 million.

Man Wah Holdings, a sofa maker and retailer, has cut its Hong Kong initial public offering to less than half the amount initially targeted following a decision by existing shareholders not to sell any shares amid the current weak market environment.

The targeted amount has been downsized to HK$1.64 billion $212 million from $317 million to $440 million, and the previous offering price range of HK$8.50 to HK$11.8 per share has been reduced to a fixed price...

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