citic-1616-prices-ipo-at-the-top

Citic 1616 prices IPO at the top

The Citic Pacific telecom spin-off raises $270 million from its Hong Kong listing.
Citic 1616 Holdings has attracted significant demand for its initial public offering, allowing it to raise the maximum HK$2.11 billion $270 million it sought. It priced the deal at the top of the indicative range of HK$2.13 to HK$2.58.

The company, which provides connectivity between voice and data service providers in Hong KongChina and telecom operators in about 50 other countries, timed its roadshow well as it coincided with the Hong Kong market regaining upside momentum after the earlier correction. Between the launch of the roadshow last Monday March 19 and the pricing in the early hours of yesterday morning, the Hang Seng Index gained 4%.

According to sources, the institutional...
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