Dynasty Fine Wines uncorks massive demand

Leading mainland winemaker prices at top end of its indicative range.

Dynasty Fine Wines has got the Hong Kong IPO market off to a good start this year, raising HK$675 million $86.5 million via lead manager ABN AMRO Rothschild on Friday. A 300 million new share deal was priced at HK$2.25, the top of a HK$1.75 to HK$2.25 indicative range.

Pre-greenshoe, the deal represents 25% of the enlarged share capital and has been priced at 15.2 times 2005 earnings fully diluted. The...

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