Kerry Logistics prices IPO at the top to raise $284m

The spin-off from Kerry Properties attracts massive demand and Cinda jumps more than 25% in its trading debut, confirming the current appetite for China exposure.

Kerry Logistics Network has raised HK$2.2 billion $284 million from its initial public offering in Hong Kong after fixing the price at the top of the indicated range at HK$10.20 per share.  

The deal, which is a spin-off from Hong Kong-listed Kerry Properties, attracted massive demand from institutional investors and even top-tier global investors received only a fraction of their orders, sources said. According to one banker, about 60% of the institutional orders got not allocation at all.

The current appetite for new Hong Kong listings was also evident in the secondary market yesterday where China Cinda Asset Management jumped 25.7% on its first...

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