Hanking prices $148 million IPO at bottom

With Hanking's bookbuilding coinciding with a significant sell-off in mining stocks, institutional demand for the iron ore producer isn't strong enough to allocate but a small portion of the greenshoe, sources say.
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Iron ore yard in Tianjin, China (AFP) </div>
<div style="text-align:left;"> Iron ore yard in Tianjin, China (AFP) </div>

Iron ore miner China Hanking Holdings last night fixed the price of its Hong Kong initial public offering at the bottom of the range, allowing it to raise HK$1.15 billion $148 million.

The pricing came after the Hong Kong market slumped for a fourth straight day and following a terrible week for other miners, both in Hong Kong and globally, but work by the bookrunners to secure sufficient demand for the stock before launch meant the company was able to pull the deal across the line. By comparison, Xiao Nan Guo Restaurants Holdings and Sany Heavy Industry both called off their IPOs last week and XCMG...

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