Pacific Basin fills IPO with institutions

Shipper completes only Hong Kong listing in 2004 where institutional demand is greater than retail.

Minor dry bulk shipper Pacific Basin raised HK$1.09 billion $140 million from a Hong Kong IPO yesterday Thursday after securing a much stronger order book than initially anticipated. The institutional order book closed 10.5 times covered and the retail order book 3.6 times covered, leading to pricing at HK$2.50 per share, the mid-point of the deal's indicative price range.

It is very unusual to have such a large oversubscription differential in favour of institutional...

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