BYD prices IPO

The Shenzhen-based battery manufacturer comes at a premium to the Hong Kong market average.

Comfortable oversubscription and a large number of orders in the institutional tranche prompted BYD to price at a premium to the H-share average on Friday.

With BNP Paribas Peregrine as lead manager, the company raised HK$1.42 billion $182.5 million from the sale of 130 million shares at HK$10.95 per share. This fell just above the mid-point of a HK$9.45 to HK$12.20 indicative range and represented a PE multiple of 10.78 times 2002 earnings on a...

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