Menswear firm China Fordoo Holdings raised $60.4 million on Thursday after selling 120 million shares above the midpoint in its Hong Kong initial public offering.
The pricing at HK$3.90 per unit was in the middle of an indicative HK$3.35 to HK$4.40 range and represents 25% of the enlarged share capital, valuing the company at $241.5 million, according to a term sheet. The shares sold are all primary.
Both the institutional and retail books experienced single-digit oversubscription, not enough to trigger the clawback, a banker close to the deal told FinanceAsia.
The institutional tranche was primarily made up of long-only...