Greentown Service prices IPO above mid-point

Property management company secures support from strategic partners to get deal done in Brexit aftermath as retail demand falls short of target.

Greentown Service Group raised HK$1.55 billion $200 million from its initial public offering in Hong Kong on Tuesday but in the end relied on institutional investors to get the deal done as post-Brexit nerves and aggressive pricing put off some retail investors.

The property management affiliate of Chinese developer Greentown China finalised the offer price for the 778 million share deal at HK$1.99 per share. That gave the company a market capitalisation of $712 million and was just above the mid-point of the firm's HK$1.74 to HK$2.2 indicative price range.

Final allocation was still being finalised late on Tuesday, according to a source...

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