Maple Leaf IPO a huge hit with HK retail investors

China Maple Leaf Educational Systems has become the first school operator to float its shares in Hong Kong after retail investors flocked in their droves to its initial public offering.

The company, which is based in the north-eastern Chinese port city of Dalian and is the largest private school operator on the mainland, sold 334 million primary shares at HK$2.88 per unit.

The initial price range was HK$2.23 to HK$3.07 per unit and there was no question the issuer could have priced at the top of the range, one banker close to the deal told FinanceAsia. It was multiple times covered...