Apple proxy prices Hong Kong IPO

Pricing comes towards the bottom end of the range after investors view the company's dependence on Apple as a potential weakness rather than strength.

Korean-owned camera module manufacturer, Cowell e Holdings, completed its Hong Kong initial public offering towards the lower end of its indicative range on Wednesday after a core group of investors were able to leverage their price sensitivity into a lower valuation.

The China-based Apple supplier raised HK$884 million $114 million from the 208 million share deal after pricing it at HK$4.25 per share. The offering had originally been marketed on a HK$4 to HK$5.75 range, later narrowed to HK$4 to HK$4.50.

Cowell priced towards the bottom of its range on the same day that Fuyao Glass priced at the top amid...

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