Hutchison Telecom: Retail greets IPO with kryptonite kiss

Has Hong Kong''s Superman lost his midas touch as IPO prices at bottom of range?

Hutchison Telecommunications International HTI priced its Hong Kong and New York Stock Exchange IPO at the bottom end of a revised range yesterday October 7 raising a total of HK$6.99 billion $889 million. The 1.15 billion share deal was priced at HK$6.07 per share compared to a revised range of HK$6.07 to HK$7.11 and initial range of HK$6.59 to HK$7.63.

The institutional order book is said to have closed about 2.5 times covered and the retail order book about 40% to 50% covered. The disappointing retail take-up meant that lead manager Goldman Sachs had to re-jig final allocations, which were initially scheduled to split...

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