China Yurun prices at top of the range

Investors buy into growth and brand as subscription levels soar.

China's third-largest pork processing company ended up pricing IPO last Friday September 23 at HK$3.70 per share - the top end of a HK$2.85 to HK$3.70 indicative range.

The company will raise $198 million pre-greenshoe, or $228 million if the greenshoe, comprising 62 million shares, is exercised. In the latter case, the Goldman Sachs led IPO will rank as the largest flotation by a food and beverage company on the Hong Kong Stock Exchange.

The company, listing as a red chip, saw its Hong Kong retail portion over-subscribed around 156 times, thereby triggering the claw back provision upping the retail portion of the base...

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