Hongqiao IPO raises $822 million at second attempt

Hongqiao raises less than half it originally planned to, but bankers are relieved as the Chinese aluminium producer successfully launches in a choppy market.

China Hongqiao Group, the country’s leading aluminium producer, raised HK$6.37 billion $822 million on Friday in the largest Hong Kong IPO by a metal and mining player during the past year.

It priced the shares at HK$7.20, the bottom end of an indicated range that went up to HK$8.30. Although the company pocketed less than half of the $2.2 billion it originally looked for, bankers are pleased the deal managed to...

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