High demand for first A-share deal led by UBS

Metals producer Western Mining is set to price its $815 million offering at the top after investors order 242 times the shares available.

Western Mining looks set to raise the maximum amount from its Shanghai listing after attracting a massive Rmb1.5 trillion $197.5 billion in demand, according to a source familiar with the initial public offering.

The IPO is the first A-share deal to be arranged by UBS and only the second one to be bookrun by an international investment bank following Goldman SachsÆ lead role on PingAn InsuranceÆs $5 billion IPO earlier this year. UBS received authorisation to underwrite Chinese equity...

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