Luye Pharma locks in IPO cornerstones

The Chinese healthcare company began taking institutional orders on Monday, with the book already multiple times covered.

China's Luye Pharma Group has met with strong institutional investor interest and secured six cornerstone investors ahead of its planned initial public offering in Hong Kong.

Luye Pharma is looking to raise up to HK$5.9 billion $764 million by pricing 999.6 million shares, or 30% of its enlarged share capital, at between HK$5.38 and HK$5.92 a unit -- a figure that could rise to  $878 million if a 15% greenshoe option is exercised.

Early indications are positive with the institutional book roughly two times covered just ten minutes after the books opened Monday and orders coming in across the HK$5.38...

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