FIT Hon Teng IPO finally plugs in

Second time lucky for Hon Hai’s connector business as it finally prices its Hong Kong IPO, even if the selling price is nowhere near what it expected nine months ago.

Taiwan’s Hon Hai Precision Industry is on course to complete its second spinoff in Hong Kong after pricing a $2.7 billion $342 million initial public offering of shares in its connector business. 

The 990-million share sale by FIT Hon Teng was priced at HK$2.7 per share, slightly below the mid-point of guidance, although allocations were still being finalised during early Thursday afternoon hours, according to sources familiar with the situation.

The deal's expected completion is a relief for Hon Hai Precision, better known as the owner of Foxconn, as it is a full year since the company filed...

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