Cinda prices IPO at the top to raise $2.46 billion

Investors submit more than $60 billion of orders as renewed appetite for China, attractive valuations and strong cornerstone support outweigh concerns about the distressed asset manager.

Cinda prices IPO at the top to raise $2.46 billion

Investors shrugged off warnings from numerous commentators and piled into the initial public offering of China Cinda Asset Management the country’s first distressed debt manager to seek a public listing.

According to sources, the company attracted about $20 billion of demand from retail investors and more than $40 billion of orders from institutional investors, making it one of the most heavily subscribed Hong Kong IPOs in the past few years.

The...

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