CK gives life to a gem

The flotation of CK Life will price at the top end of its indicative range today after predictably overwhelming demand from Li Ka-Shing''s legion of devoted retail supporters.

In what will mark the second largest listing on Hong Kong's GEM market, a 1.307 billion IPO for CK Life will formally price later today Thursday at HK$2 per share. Raising HK$2.6 billion $336 million, the deal now stands behind SUNeVision, the IT arm of the Sun Hung Kai group, as the largest flotation on Hong Kong's second market and will command a market capitalization of $1.53 billion.

Under the lead management of Salomon Smith Barney, investors were offered shares on a range of HK$1.80 to HK$2, with the retail offering for 10% of the deal closing 120 times oversubscribed and the institutional placement for the remaining 90%,...

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