Solomon Systech IPO defies gloom

Hong Kong''s first large fabless IC design company prices at HK$1.75.

Despite the end of Hong Kong's IPO bull market in March, the Territory's first large fabless IC design company managed to raise $135.3 million pre greenshoe Wednesday, after pricing its shares midway in the HK$1.60 to HK$2.05 range.

Led by JP Morgan, with CLSA and BNP Peregrine Paribas as co-leads, the company sold 603.58 million shares of which 56% were primary shares.

Both the retail and institutional books are believed to have closed twice...

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