CPMC raises $118 million from new share sale

Two anchor investors take up more than half of the deal, allowing the Chinese packaging company to offer its shares at a tight 4% discount.
<div style="text-align: left;">
CPMC makes cans for Tsingtao Brewery among others (Imaginechina) </div>
<div style="text-align: left;"> CPMC makes cans for Tsingtao Brewery among others (Imaginechina) </div>

CPMC Holdings, a Chinese manufacturer of packaging for consumer goods, last night raised HK$914.7 million $118 million from a top-up placement.

The deal was heavily anchored at launch but also saw good additional demand from investors who were keen to get hold of the highly illiquid stock, which has a turnover of less than $800,000 a day. The offering was covered in 90 minutes and when the order books closed at 10pm, it was at least a couple of times covered.

Hong Kong-listed CPMC sold 166 million shares, which accounted for 20% of the outstanding share capital and is the most it could sell without having...

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