HSBC has successfully priced a $121.92 million IPO for Beijing Capital Land at the top end of its HK$1.30 to HK$1.68 indicative range. With the 564.63 million share deal reportedly oversubscribed even before it was formally launched, it not surprising that books closed 10 times oversubscribed on the institutional side and seven times on the retail side.
Observers add that the 10% plus orders alone covered the entire book, leaving the lead with the headache of how to allocate meaningful amounts of stock in a small deal to enough accounts. Just over 150 accounts are said to have participated in total, with 15 orders received for more than 10% of the...
