Retail investors snap up Cogobuy

Huge retail demand allowed Cogobuy to exercise the clawback option and price its shares in the top half of the range.

Retail investors snap up Cogobuy

Cogobuy, a Shenzhen-based e-commerce company, has raised $177 million after pricing an initial public offering of shares in Hong Kong in the middle of its targeted range.

Retail investors, encouraged by the solid performance of other mainland listings in Hong Kong recently, were central to the deal’s success. Indeed, local investors placed roughly $500 million of orders, allowing the syndicate to exercise the clawback option and increase the retail slice to 30% from 10%, according...

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