Grande secures placement

The Hong Kong electronics manufacturer completes a top-up placement.

CLSA completed a 40 million share placement in Grande Holdings after Tuesday's close, raising $72.8 million net of the lead's 2% fee. The transaction represented a sell-down by majority shareholder Christopher Ho, who reduced his stake from 70.5% to 65.6% on completion of the deal.

A total of 60 million shares were issued by the company, but 20 million were purchased by Ho to avoid dilution, with the remaining 40 million placed with a total of 25 investors, the majority of whom are based in Hong Kong. Pricing was completed at HK$9.6 per share, equating to a 9.8% discount to the stock's HK$10.65 close.

Grande is a relatively under-researched...

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