The Goldman Sachs-led deal is expected to make a strong debut after recording healthy oversubscription levels on both its institutional placement and retail offering. Raising HK$324.7 million $41.74 million in new money, the 88.26 million share deal represented 12% of the company's equity and was priced on Monday, with a 60%40% split between institutional and retail investors.
We instituted a clawback from the institutional book after the retail offering closed 82.9 times oversubscribed, says Goldman ECM official Richard Cormack. This increased the retail offering from 10% to 40% of the total.
The institutional book closed 11 times oversubscribed including shares re-distributed from minority holders. Indeed, one...
