CPMC IPO goes ahead as property deals flounder

The Chinese metal-packaging company hits the road to raise capital to make more cans, while Excellence Real Estate cans its IPO.

CPMC Holdings yesterday started a roadshow for an IPO that could raise as much as HK$1.07 billion $139.1 million. The metal-packaging company launched the deal after two straight days of significant declines in the Hang Seng Index HSI and on the same day that Excellence Real Estate Group pulled its $1 billion IPO.

CPMC is offering 200 million new shares at a price between HK$3.85 and HK$5.39 per share. A 15% greenshoe could introduce another...

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