Scheduled for listing on October 5, MTR will open retail and institutional books on September 25, with pricing occurring three days later on September 28. Having accepted a much lower valuation for the railway and property company that it initially hoped for, the government will settle final deal details with global co-ordinators Goldman Sachs, HSBC and UBS Warburg on Saturday.
Faced with the choice of increasing the size and liquidity of the deal in the face of positive pre-marketing feedback, or opting to chase higher pricing from a second tranche of shares to be issued next year, market participants say that the government is leaning towards the latter option. Consequently, a...
