Hua Hong prices IPO towards bottom

Chinese foundry manufacturer completes deal as Hong Kong equity markets stabilise.

Chinese foundry manufacturer Hua Hong Semiconductor priced its 228.7 million initial public offering towards the bottom end of its price range on Thursday. The Goldman Sachs-led deal raised HK$2.57 billion $330 million pre-greenshoe after pricing was fixed at HK$11.25.

The group had originally marketed its IPO on a HK$11.15 to HK$12.20 range but tightened it one day before pricing to HK$11.15 to HK$11.25. There is also a greenshoe of 34.3 million shares, while Daiwa and BNP Paribas acted as co-leads.

The Hong Kong IPO closed 12.8 times covered, just below the first clawback trigger, which indicates a fairly positive response from...

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