Rundong Auto prices IPO at bottom

The Chinese luxury auto dealer raises $124 million despite news that China will punish Audi, Chrysler and other foreign auto makers for violating anti-monopoly laws.

Rundong Auto prices IPO at bottom
Rundong Auto distributes luxury brands such as Jaguar, BMW, Ferrari and Land Rover

China Rundong Auto Group priced its shares at the bottom of the range in its Hong Kong initial public offering, relying on institutional support to get the deal done.

The Chinese luxury automobile dealership raised $124 million after selling 268.6 million shares at HK$3.58 each, the bottom of the HK$3.58 to HK$3.98 range.

Demand from international institutional investors allowed the syndicate to boost the international tranche to 96.8% from...

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