China Shipping makes it to dock

Hong Kong corporates underpin one of the year''s most difficult IPO''s.

A 2.42 billion share IPO for China Container Shipping was priced at the bottom end of its indicative range yesterday Thursday after struggling to get out of reverse gear for the whole of its marketing period. A total of HK$7.68 billion $985 million was raised after the deal was priced at HK$3.175, the bottom end of a HK$3.175 to HK$4.175 range.

Having set off with what appeared to be a flawed execution strategy, lead managers BNP Paribas Peregrine and Morgan Stanley eventually came good after leveraging all the different demand constituencies to maximum effect. The largest allocation went to corporate investors, which took 36.5% of the deal...

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