china-agriindustries-prices-ipo-at-the-top

China Agri-Industries prices IPO at the top

The biofuel producer pulls off Hong Kong's largest IPO this year as tumbling stock markets fail to upset demand.
China Agri-Industries has raised $410 million after pricing its initial public offering at the top of the range following hefty demand from both institutional and retail investors. The strong interest came despite the Hang Seng Index shedding more than a thousand points last week.

Hong Kong retail investors submitted orders for 607 times the shares earmarked for them through the 10% retail tranche, tying up a total of $25 billion and triggering a full claw-back. The institutional tranche was 100 times covered post the claw-back, which increased the retail portion of the deal to 50%.

The amount of retail orders makes this the second most popular IPO with the Hong Kong public this year after...
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