Zhongwang prices IPO towards low end

The aluminium extrusion company raises $1.26 billion and becomes the largest IPO so far this year amid good interest from global institutions. Retail investors are less enthusiastic, leaving the Hong Kong public tranche undersubscribed.

China Zhongwang Holdings has priced its initial public offering at HK$7 per share, towards the low end of the indicated range of HK$6.80 to HK$8.80, offering further evidence that this is still a buyer's market. Even at the low end though, the company was able to raise HK$9.8 billion $1.26 billion, which makes this the largest IPO globally this year, ahead of Mead Johnson Nutrition's $828 million US offering in February.

Zhongwang, a Chinese manufacturer...

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 | aluminium | citic securities | jpmorgan | ubs

Print Edition

FinanceAsia Print Edition

EVENTS