Air China IPO: first class response from investors

China''s largest airline catches positive tail wind from momentum-driven markets.

Air China priced its Hong Kong and London IPO yesterday December 9, raising HK$8.36 billion $1.08 billion pre greenshoe from the CICC and Merrill Lynch led deal. The 2.805 billion share offering was priced at HK$2.98, representing a 4% discount to the top end of a HK$2.35 to HK$3.10 indicative range.

The company and its lead managers appear to have taken a sensible approach to pricing, recognizing that bullish sentiment in...

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