China Flooring Holdings, a leading wood flooring company on the mainland, raised HK$1.1 billion $142 million on Friday after pricing its shares at the bottom of an indicated range.
The Guangdong-based company makes and sells retail flooring products in China. It owns the biggest wood flooring brand in China and, according to bankers on the deal, investors expect it to benefit from the country’s booming consumer sector. On the other hand, pessimists fear the flooring maker could also be dragged down by the nation’s overheated housing market.
The offering was covered multiple times by around 50 international investors, which consisted of long-only, hedge funds and high-net-worth...
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