Value Partners snubs volatility to price high
The asset manager raises $376 million from its IPO, but Ping An buys nearly 40% of the deal, leaving few shares for others to fight over.
Solid demand allowed Hong Kong-based fund manager Value Partners to price its initial public offering at the top of the range despite volatile markets and a decline in several of its global peers just before or during its roadshow. This enabled it to raise the maximum HK$2.91 billion $376 million that it sought before its listing on the main board on November 22.
According to a source, the institutional tranche attracted orders for 160 times the amount of shares...
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