Shui On Land prices IPO at top end of the range

Institutional investors keen to buy on improved sentiment for Mainland property, but retail investors stay skeptical, so the deal sees no clawback.

Shui On Land has priced its initial public offering of almost $800 million at the top end of the range for a discount of about 30% versus its post-money net asset value, according to bankers familiar with the deal.

The pricing, said to be the result of there being virtually no price sensitivity in the institutional order book, was a little bit surprising given that the IPO was called off in June after being just about covered at the very...

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