Cinda prices IPO at the top to raise $2.46 billion

Investors submit more than $60 billion of orders as renewed appetite for China, attractive valuations and strong cornerstone support outweigh concerns about the distressed asset manager.

Investors shrugged off warnings from numerous commentators and piled into the initial public offering of China Cinda Asset Management the country’s first distressed debt manager to seek a public listing.

According to sources, the company attracted about $20 billion of demand from retail investors and more than $40 billion of orders from institutional investors, making it one of the most heavily subscribed Hong Kong IPOs in the past few years.

The interest is still well below the $130 billion of demand for AIA’s $20.5 billion IPO in 2010, but is notable since there was a lot of scepticism before the deal as to whether it...

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