Late orders get HKT Trust's $1.2 billion IPO across the line

HKT Trust has succeeded in raising HK$9.3 billion $1.2 billion from its Hong Kong initial public offering, but demand was thin and suggests the other billion-dollar deals that are expected to launch bookbuilding in the next seven days are in for a challenge.

These include New China Life Insurance, Chow Tai Fook Jewellery and Haitong Securities, which are aiming to raise at least $5.7 billion before year-end.

HKT Trust, which comprises the telecommunications business previously owned by PCCW, was viewed as a fairly attractive investment in a difficult market environment since it will have stable revenues and will pay almost all of its cash flow...