PCD Stores prices near top to raise $377 million

Investors are drawn to the company's outlet mall strategy and its familiar management.

Department store operator PCD Stores Group has priced its initial public offering close to the top end of the offering range at HK$1.95 per share, allowing it to raise HK$2.93 billion $377 million. The company will start trading in Hong Kong on December 15.

The offering was well-received by investors and, according to a source, the deal could have priced at the top of the HK$1.65 to HK$2.00 price range as there was very little...

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