Hong Kong IPOs attract fervent retail demand

PanAsialum, a Chinese manufacturer of aluminium products, and Time Watch, a watch manufacturer, raise a combined $264 million from their offerings, while this year's first Indonesian IPO gets underway.

As investor sentiment warms on the back of the improving markets, PanAsialum Holdings and Time Watch Investments have attracted strong demand from retail investors for their respective initial public offerings.

PanAsialum, a Chinese manufacturer of iPad casings and other aluminium products, has raised HK$1.24 billion $160 million ahead of its Hong Kong listing, after fixing the price above the mid-point of the indicative range. The 10% retail tranche was more than 50 times subscribed, which triggered a clawback that boosted this portion of the deal to 40%, a source said yesterday. Accordingly, the institutional tranche was reduced to 60% from 90%.

Meanwhile, Time Watch...

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