Pacific Textiles prices IPO slightly off the top

The fabric manufacturer prices its $245 million IPO at a premium to its comparables but slightly below the top of the range, leaving room for secondary market gains.

Pacific Textiles has priced its initial public offering slightly below the top of the price range at HK$5.35, after attracting strong demand from institutional as well as retail investors. The final price gives a total deal size of $245 million HK$1.9 billion.

The Chinese textile manufacturer could have set the price at the upper end of the HK$4.15 to HK$5.50 range, but chose to leave more room for the share price to go up in...

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