MIE raises $145 million from Hong Kong IPO

The Chinese oil company follows a recent trend and sets the price at the bottom end of the range to ensure no investors drop out.

Increasing vigilance among investors has made recent issuers fix their IPO prices towards the low end of their indicated ranges to attract enough interest. The latest company to do so is Chinese upstream oil company MIE Holdings Corporation, which raised HK$1.125 billion $145 million after pricing its shares right at the bottom of the offering range.

The company had the potential to price higher but wanted to ensure that all investors, particularly some top-tier institutional accounts, remained in the order book, according to sources.

Last week, China ZhengTong Auto Services priced its Hong Kong initial public offering below the mid-point of the indicated range to raise $470 million, even after the...

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