China Cinda Asset Management, one of China’s four distressed asset management companies AMCs, has signed up 10 cornerstone investors that will buy close to $1.1 billion worth of shares in its Hong Kong initial public offering, which opens on Monday.
Based on an indicated pre-greenshoe deal size of between HK$15.9 billion and HK$19.0 billion $2.05 billion and $2.45 billion that means the offering will be between 45% and 54% covered at launch depending on the final price. More important than the actual volume, however, close to half of the cornerstone demand comes from international institutions, including distressed asset specialist Oaktree Capital Group.
According...
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