Foxconn rules the roost

Foxconn prices at top end of the range as investors bet the company will replicate the success of its parent Hon Hai Precision Industries.

Telephone handset manufacturer Foxconn International Holdings priced its IPO at the top end of the range on Friday raising $432 million from a deal led by Goldman Sachs and UBS. And in a further sign that the Hong Kong equity markets remain buoyed by liquidity, both the retail and institutional order books closed with a healthy oversubscription multiple.

The retail order book closed 41.5 times covered, prompting clawbacks to 30% of the overall deal, while the institutional order book closed 10 times covered at the top end of the range. About 70% of the institutional order book came from funds, with 30% from corporate and high net worth investors. A...

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