Investors pay A$2.50 for Pacific Brands

Retail and institutional accounts scaled back in the largest Aussie IPO of the year which begins trading today.

Lead managers in the float of garment maker Pacific Brands - the largest IPO in Australia this year - believe they could have got more than the A$2.50 per share price if the vendors hadn't held back.

The shares were priced at the higher end of the institutional bookbuild range of between A$2.25 and A$2.60, but says Guy Fowler, managing director of investment banking at UBS, the vendors didn't want to push it any further. They really wanted to leave something on the table so that the shares would trade well in their first few weeks.

UBS and Macquarie Bank acted as joint lead arrangers on the heavily oversubscribed deal...

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