Car prices HK IPO at top of range

Strong retail uptake allowed the Chinese car rental company to raise $468m and price its shares at the top of the indicative range.

Car Inc has priced its shares at the top of the range ahead of its Hong Kong initial public offering.

The issuer, formerly known as China Auto Rental, raised $468 million after selling 426.3 million primary shares at HK$8.50 per unit, according to sources close to the deal. The initial range was between HK$7.50 and HK$8.50 per share.

Car’s story sold extremely well with retail investors, with this tranche oversubscribed by 160 times, sources told FinanceAsia.

The institutional tranche was also multiple times oversubscribed, with some noting that, given the cornerstone support the issuer secured $130 million after a...

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