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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