Goldwind's revived IPO breezes through the first day

The Chinese wind turbine maker's IPO of up to $917 million is fully subscribed on the first day of bookbuilding.

After waiting three months for market conditions to improve, Xinjiang Goldwind Science Technology, returned to the primary market yesterday with a reduced target amount and a lower offering price. The Chinese manufacturer of wind turbines now aims to raise up to HK$7.1 billion $917 million in its Hong Kong IPO, which is 23.5% lower than its initial target in June.

However, the reduced price range was viewed as attractive by institutional investors and the deal was fully covered yesterday -- the first day of bookbuilding -- by high-quality accounts, mostly long-only funds, sources said.

The positive response is supported by five cornerstone investors that have agreed to subscribe to a combined...

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