country-garden-raises-17-billion-in-record-ipo

Country Garden raises $1.7 billion in record IPO

Early talk of a high valuation matters little as investors pile in, allowing the $1.7 billion deal to be priced at the top of the range.
Country Garden has completed the largest ever initial public offering by a Chinese real estate developer, raising $1.7 billion after pricing the deal at the top of the range.

While initial comments had suggested that the stock was expensive at the upper end of the HK$4.18 to HK$5.38 range, the final pricing showed that investors disregarded their own talk of a somewhat pricey deal and piled into the offering. In the end, there was very little price sensitivity in the book.

ôYes, people say the valuation wasnÆt cheap, but then they turn around and ask why they couldnÆt be a cornerstone investor,ö notes one banker familiar with the marketing process.

According to sources,...
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