hong-kong-watch-maker-raises-162-million

Hong Kong watch maker raises $162 million

Peace Mark is able to upsize its placement and sell the full number of shares, but only by offering an 11% discount.
Peace Mark Holdings, a Hong Kong company that manufactures and sells watches, raised HK$1.26 billion $162 million through a placement of new shares yesterday. Although it had to offer an 11% discount, the company was able to upsize the base deal of 110 million shares and sell a further 49.9 million shares.

A source close to the deal says that the company was taking advantage of a slim window of opportunity. It will be releasing results in mid-July and, since a company cannot conduct a placement in the four weeks before announcing results, it was left with the choice to either go now or later in the summer. A 3% increase in the share...
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