HK Electric raises $3.1 billion from IPO

Offering by Li Ka-shing's trust priced at low end of guidance after investors showed lukewarm appetite to the assets during bookbuilding.

HK Electric raises $3.1 billion from IPO

Hong Kong tycoon Li Ka-shing’s Hong Kong Electric Investments has raised HK$24.1 billion $3.1 billion from its IPO, after pricing the deal at the low end of guidance.

HK Electric, a trust spun-off from Hong Kong-listed Power Assets Holdings, priced the deal at HK$5.45, the low end of the guidance range of HK$5.45-$6.30, representing a 2014 yield of 7.24%.

The price of the offering mirrors investor expectation as...

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