CPMC raises $118 million from new share sale

Two anchor investors take up more than half of the deal, allowing the Chinese packaging company to offer its shares at a tight 4% discount.

CPMC raises $118 million from new share sale
CPMC makes cans for Tsingtao Brewery among others (Imaginechina)

CPMC Holdings, a Chinese manufacturer of packaging for consumer goods, last night raised HK$914.7 million $118 million from a top-up placement.

The deal was heavily anchored at launch but also saw good additional demand from investors who were keen to get hold of the highly illiquid stock, which has a turnover of less than $800,000 a day. The offering was covered in 90 minutes and when the order books closed at 10pm, it was...

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