BYD Electronic completes difficult IPO
A few anchor investors step up to carry the deal through at the bottom of the range, but retail investors turn their backs.
BYD Electronic, a manufacturer of mobile handset casings and keypads, has completed a difficult initial public offering that was marred by accusations from a competitor that the company has obtained and misused confidential information that doesnÆt belong to it.
Coming at a time when institutional investors are generally winding down their businesses for the year, the deal also faced a shrinking pool of prospective buyers, but sole bookrunner UBS was able to convince enough investors to hear the management out...
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