Market uncertainty surfaces in pricing of HK IPOs

China's largest independent coalbed methane producer prices IPO at the bottom, while the pricing of furniture retailer China Macalline's float heads to the top.

AAG Energy, China's leading independent coal bed methane producer CBM, priced its IPO at the very bottom of its indicative range on Wednesday after being hit by cooling market sentiment and perceptions of a high valuation. 

Joint sponsors CICC and HSBC fixed the IPO price at HK$3 per share compared to an initial range of HK$3 to HK$3.7.

They also cut the greenshoe back by almost by half to 8%, which means the flotation is set to raise a total of HK$2.466 billion $318.07 million. This comprises HK$2.284 billion $294.7 million from the base deal of 761.4 million shares...

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