Beijing Capital catches market momentum

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.