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...

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