Dongfeng Motors prices just below mid point

Book comfortably covered after slow start.

The IPO of China's second-largest automaker was priced yesterday November 29 at HK$1.60 per share, just shy of the midpoint of the deal's HK$1.45-$1.80 indicative range. The CICC, Deutsche Bank and Merrill Lynch-deal raised $590 million post shoe and was four times covered by institutional investors and seven times overall. At 2.5 times covered, retail interest was relatively muted.

Due to Dongfeng's links with major Japanese car makers Nissan and Honda, the Japanese...

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