Honghua prices IPO in the middle of the range

The price pitches the oil rig manufacturer at a discount to its key comparables and allows it to raise $409 million.

Honghua Group, which manufactures oil and gas drill rigs for the onshore market, has become the first company of size to complete a Hong Kong initial public offering this year after fixing its offering price at the mid-point of the range. The final price of HK$3.83 resulted in a base deal size of HK$3.2 billion $409 million.

Investors who were looking at the deal say joint bookrunners Credit Suisse and Morgan Stanley had indicated during the bookbuild...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Click for more on: ipo | oil | gas | drill rigs | credit suisse | morgan stanley

Print Edition

FinanceAsia Print Edition

EVENTS