Lifestyle International completes IPO

Retailer''s flotation provides respite from difficult IPO market in Hong Kong.

Specialists are expressing cautious satisfaction with the IPO of Lifestyle International, which was able to price at the mid-point of its HK$7.30 to HK$9.30 range despite recent volatility and a truncated eight-day book build period over Easter.

Lead manager BNP Peregrine Paribas managed to avoid the worst of recent market sentiment raising HK$1.497 billion $192 million via a 180 million new share deal priced last Thursday at HK$8.30 per share. Once it is listed, the company's market capitalization of $760 million will make it the largest in the Hong Kong retail sector.

The institutional tranche, closed about three times covered, while the retail tranche was about seven...

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