Beijing Beida Jade Bird cuts IPO price

Beijing Beida Jade Bird, an internet security code developer, slashed the price of its IPO and closed the offer to retail investors amid a glut of forthcoming listings.

Beijing Beida Jade Bird Universal Sci-Tech, a developer of security systems for internet coding, has cut the price of its initial share offer by 44% and closed the issue to retail investors as the rising number of IPOs in the pipeline curtailed demand.

Beijing-based Beida reduced the indicative price of the 24 million shares it is offering to HK$11 from an earlier range of HK$17.80 to HK$19.80. At HK$11 the company would raise HK$264 million $33.8 million, down from an earlier target of up to HK$475.2 million. The company plans to set the final price on an unspecified date next week. Beida had planned...

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