china-metal-recycling-prices-ipo-at-the-top

China Metal Recycling prices IPO at the top

The scrap metal recycling company raises $200 million to become the second-largest Hong Kong IPO year-to-date. Strong retail demand triggers a clawback that boosts the retail tranche to 30%.

China Metal Recycling CMR, China's largest scrap metal recycling company in terms of revenue, has fixed the price on its initial public offering at the top of the range following strong demand from both institutional and retail investors, a source said yesterday.

Based on a price of HK$5.18 per share, the total deal size will be HK$1.55 billion $200 million, making this the second largest IPO in Hong Kong this year after China Zhongwang's admittedly much larger $1.28 billion offering in early May.

According to the source, the retail tranche will be increased to 30% from the original 10% after the...

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