Dongfeng Motors prices just below mid point

The IPO of China's second-largest automaker was priced yesterday (November 29) at HK$1.60 per share, just shy of the midpoint of the deal's HK$1.45-$1.80 indicative range. The CICC, Deutsche Bank and Merrill Lynch-deal raised $590 million (post shoe) and was four times covered by institutional investors and seven times overall. At 2.5 times covered, retail interest was relatively muted.