HKBN underwhelms on its debut

Hong Kong's second-largest broadband provider ended its market debut flat, which may dissuade issuers from coming to market near-term.

Hong Kong Broadband Network, or HKBN, had a distinctly underwhelming market debut as its shares ended flat on Thursday after holding the city’s largest initial public offering of the year.

Hong Kong’s second-largest broadband provider raised HK$5.8 billion $748 million on March 5 after pricing its shares at HK$9 per share, at the top end of the marketed range, thanks to strong demand from a number of long-only institutional investors and specialist technology funds.

The share price fell to HK$8.83 as soon as the company’s stock began trading on the Hong Kong Exchange but rose to HK$9.02 by 10am Hong...

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