Honma tees off Hong Kong golf IPO

China's fluctuating relationship with the game of golf tested by the flotation of upmarket equipment manufacturer.
A game invented by the Scots?
A game invented by the Scots?

China's fluctuating relationship with the game of golf is being put to the test following the launch of a flotation by upmarket equipment manufacturer, Honma Golf.

The company opened book building for an HK$1.134 billion to HK$1.471 billion $146 million to $190 million offering on Monday that has been valued at 14.5 to 18.5 times forecast December 2017 earnings.

Sector specialists said the deal was already two times covered by the end of the first day of bookbuilding with price sensitivity towards the mid to upper end of the price range. 

Following its prospective Hong Kong Stock Exchange listing, Honma will...

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