IPO candidates slash prices in chase for elusive dollars

Companies preparing IPOs are slashing prices as they compete for dollars. Investors are not only spoiled for choice, they are increasingly choosy.

Henderson Cyber, the internet and technology arm of Hong Kong's Henderson Land property group, fell 1.6% below its offer price during its first day's trading on the Growth Enterprise Market. Grandmass Enterprise Solutions, a Hong Kong computer software and services company, rose 4%, albeit off the lowest price ever set for a GEM stock.

Henderson Cyber fell to HK$1.23 from HK$1.25. Earlier the shares fell as low as $1.17. The company sold 750 million shares to institutions to raise HK$937.5 million $120 million. Grandmass shares rose to HK$0.52 from its offer price of HK$0.50. Grandmass is the first company to offer its shares for less than HK$1...

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