Chow Tai Fook IPO

Chow Tai Fook Jewellery raises $2 billion from IPO

The jewellery retailer prices at the bottom and doesn't exercise the upsize option, while Haitong Securities delays the pricing of its H-share IPO until today.

Chow Tai Fook Jewellery Group on Friday priced its Hong Kong initial public offering at the bottom of the range at HK$15 per share. Demand was sufficient to cover the base deal and the 15% greenshoe, but not enough to exercise the 20% upsize option, leaving the deal size at HK$15.75 billion $2 billion.

Still, this makes it the third-largest IPO in Hong Kong this year, excluding Glencore International, which listed more than 90% of its $10 billion IPO in London. If the shoe is exercised in full, Chow Tai Fook Jewellery’s offering could rise to $2.3 billion, pushing it into the top two after Prada’s $2.5...

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