China CNR Corp’s 1.82 billion share initial public offering was priced at HK$5.17 per share on Friday, towards the bottom end of its HK$5 to HK$6.20 indicative range.
The Chinese train maker’s pricing was partially dictated by a regulatory requirement to fix the deal at a minimum 10% discount to the group’s A-shares.
However, most of the institutional orders are said to have clustered around this level anyway. A total of 150 accounts participated in the HK$9.4 billion $1.3 billion transaction, with the institutional order book closing roughly three-times oversubscribed.
The deal also had three cornerstone investors Jinxi Axie, a...
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