investors-lap-up-ehouse-ipo

Investors lap up E-House IPO

Despite turbulent markets, the China-centric real estate broker raises $201 million after pricing its shares 2% above the top of the range.
ChinaÆs real estate broker E-House garnered solid demand for its US initial public offering, despite the ups and downs the market experienced during the course of the bookbuild, enabling it to price at $13.80.

E-House launched its roadshow on July 24, when the Dow Jones Industrial Average was going strong at about 13,700 points. Nervousness triggered a selldown from July 26 onwards and the index went as low as 13,182 on August 3. It bounced back this week, closing at 13,657 on August 8.

But the market volatility was no deterrent to investor demand for the E-House deal. The book received more then 300 orders and ended up 15 times covered, according to a source....
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