First dual Nasdaq/GEM listing by TOM Online

For the second time in a week, a China tech play is snapped up by momentum hungry investors.

Tom Group spin-off TOM Online priced its IPO at the top of its indicative range on Friday, raising $192 million pre-greenshoe. Pricing came in at HK$1.50 HK$1.515 post-brokerage fees and taxes, after retail books closed 96 times oversubscribed and institutional books 44 times.

Post greenshoe, the group could raise up to $221 million.

Because of the group's GEM listing, bookrunners Citigroup and Morgan Stanley had complete control over the allocation process and were not subject to the usual clawback mechanisms of the main board. As a result, they decided to increase the retail tranche from 10% to just 20%. A further 7% was allocated to US retail, 12%...

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