Luye Pharma prices high amid HK IPO flurry

Move follows successful IPOs by Tian Ge Interactive, Beijing Digital Telecom and Beijing Urban Construction. What links these deals? Cornerstone backing.

China’s Luye Pharma Group is set to raise $764 million after pricing an initial public offering of shares in Hong Kong at the top end of its targeted range thanks to heavy investor demand and cornerstone support.

The institutional tranche experienced “double-digit oversubscription,” a banker close to the deal said, describing the book as a mix of long-only institutional investors, sovereign wealth funds and hedge funds. More than 290 institutions participated, the majority located in Asia, bankers told FinanceAsia.  

Retail investors also piled in strongly into the IPO, with demand outstripping the supply of shares available to them by 14.77 times, just...

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