Modern Dairy's Hong Kong IPO covered on day one

Modern Dairy’s $571 million IPO is fully covered already, despite the fact that two recently listed Chinese milk companies are trading at least 12% below their IPO prices.

Despite a poor secondary market performance by two newly listed Chinese dairy companies, another mainland milk producer is in the market testing investor appetite.

China Modern Dairy, one of the largest dairy farming companies in China, kicked off the institutional bookbuilding yesterday for a Hong Kong initial public offering of between HK$3.47 billion and HK$4.43 billion $448 million to $571 million.

Demand for the offering was strong from the outset and the deal was fully covered on...

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