Sunshine Oilsands and AviChina raise a combined $740 million

Sunshine Oilsands' IPO in Hong Kong prices at the bottom of the range and attracts poor demand from retail investors, while the steep discount on AviChina attracts investors.

Sunshine Oilsands and AviChina raise a combined $740 million
Sunshine Oilsands and AviChina gave traders in Hong Kong a busy end to the week (AFP)

Activity in Hong Kong’s equity market surged on Friday as Calgary-based Sunshine Oilsands raised HK$4.49 billion $580 million from its initial public offering and AviChina Industry Technology, a Chinese maker of helicopters and trainer jets, raised HK$1.21 billion from an H-share placement.

Sunshine Oilsands’ IPO was bolstered by a $350 million commitment by three cornerstone investors. The company sold 923 million new shares, or about 32% of the share capital. The deal...

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