Lee & Man Paper placement revived

Citi replaces Deutsche Bank as bookrunner on the $80 million transaction and is able to significantly tighten the discount.
The placement of secondary shares in Lee Man Paper Manufacturing, which was pulled by the seller earlier last week, was re-launched and completed on Friday at a much tighter discount, showing that investors can still be convinced to put their money to work. The total deal size increased slightly to HK$625 million $80 million.

The final price translated into a 5% discount to ThursdayÆs closing price of HK$32.90, which compares with the 8.5% discount that sources say would have been the level on the initial placement three days earlier. That assumption is based on the fact that, on the first placement attempt, the bookrunner informed investors that the book was covered but...
¬ Haymarket Media Limited. All rights reserved.

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222