Meng Niu milks investors

Momentum driven IPO enables pricing at very top of the range.

Mongolian milk producer Meng Niu Dairy priced a 350 million share IPO at the very top end of a revised range on Friday. Under the lead of BNP Paribas Peregrine and Morgan Stanley, the company priced its IPO at HK$3.925 per share compared to a revised range of HK$3.125 to HK$3.925 and initial range of HK$2.69 to HK$3.72.

Both the retail and institutional tranches closed more heavily oversubscribed than anyone originally anticipated, with a retail oversubscription rate of 206 times and institutional rate of 15 times pre clawback.

Because of the large retail demand, full clawbacks will be instituted bringing retail...

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