Shanghai Electric generates the right buzz

Solid if price sensitive order book may lift lifeless IPO market.

Shanghai Electric priced its 2.97 billion share IPO on Friday, raising HK$5.05 billion $648 million from the Credit Suisse First Boston led deal. The offering was priced at HK$1.70 per share, a quarter off the top of a HK$1.50 to HK$1.76 range.

The institutional order book is said to have closed four times covered and the retail order book 11.7 times covered, triggering no clawbacks. Allocations saw retail receive 10%, a Daiwa...

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