Asiaray casts pall over Hong Kong IPO market

Chinese outdoor advertising company Asiaray closes Hong Kong IPO towards the bottom of its price range.

The Hong Kong initial public offering market has failed to get off to a flying start in 2015 with the first $100 million odd deal of the year pricing towards the bottom end of its indicative range.

A 110 million share IPO pre greenshoe for outdoor advertising company Asiaray Media Group was priced at HK$6 per share on Thursday morning, in the bottom third of its HK$5.85 to HK$7.02 range.

The institutional order book closed a couple of times covered including the greenshoe, with the majority of participation from corporate and high net worth individuals. Some 69% of the deal went to six...

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