First dual Nasdaq/GEM listing by TOM Online

For the second time in a week, a China tech play is snapped up by momentum hungry investors.

Tom Group spin-off TOM Online priced its IPO at the top of its indicative range on Friday, raising $192 million pre-greenshoe. Pricing came in at HK$1.50 HK$1.515 post-brokerage fees and taxes, after retail books closed 96 times oversubscribed and institutional books 44 times.

Post greenshoe, the group could raise up to $221 million.

Because of the group's GEM listing, bookrunners Citigroup and Morgan Stanley had complete control over the allocation process and were...

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