Kowloon Motor Bus offshoot drives successful IPO

Roadshow Holdings, KMB''s multimedia arm, is expected to make a strong debut on the Hong Kong Stock Exchange this Thursday after rising 68% in the grey market since Saturday''s pricing.

Within a day of grey market trading, brokers were reporting trades at HK$3.80 for the 240 million share deal, which priced on Saturday at HK$2.25 per share.

With CLSA as lead manager, the deal came at the very top of its HK$1.69 to HK$2.25 indicative range and on a pe ratio of 12 times 2001 earnings and 15% discount to DCF. Because of massive oversubscription on the retail tranche, full clawbacks were instituted...

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