Goodbaby draws strong demand despite cautious market

The retail portion of Goodbaby's $190 million IPO is nearly 1,460 times covered, suggesting IPOs are still hot. However, two market newcomers fell in their debut yesterday.

The secondary markets may have turned cautious, but Hong Kong's primary equity market remains as zealous as ever. Global equity markets are retreating from recent highs on fear of tighter monetary policy in China and concerns over eurozone debt. After tumbling 2% yesterday, Hong Kong's Hang Seng Index is down 6% in the past five trading sessions. Yet, the city’s IPO market remains sizzling hot.

The latest highlight from the active market comes from Goodbaby International Holdings, a children’s...

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