Hopewell secures IPO at premium

Gordon Wu gets his premium valuation for Hopewell Highway Infrastructure (HHI).

Hopewell Highway Infrastructure HHI completed a 720 million share offering towards the bottom end of the deal's indicative price range yesterday Thursday. Under the lead management of Citigroup, the deal was priced at HK$4.18 per share compared to an indicative range of HK$4.10 to HK$4.75 and raised proceeds of $385 million pre shoe.

On the surface, pricing at these levels seems uninspiring. However, the company set out with an extremely aggressive valuation...

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