li--fung-pockets-356-million-from-upsized-placement

Li & Fung pockets $356 million from upsized placement

The company's first primary equity offering in more than five years aims to raise funds for future acquisitions and comes after its share price hits an all-time high.
Li Fung has raised HK$2.77 billion $356 million from a top-up placement that was upsized due to strong demand.

The Hong Kong firm, which hasnÆt tapped the primary equity markets since 2000, priced the offering at the mid-point of the indicative range, as some investors attached price limits to their orders. It was the first Hong Kong placement since the controlling shareholder of department store operator Parkson Group placed $171 million worth of shares in late August.

Given that the placement comes only a week after Li Fung's share price hit an all-time high of HK$19.06, the fund raising appears somewhat opportunistic. According to fund managers, the company is being vague about the...
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