New Century delivers new year's first Hong Kong IPO

Pricing of Chinese paediatric hospital operator's deal indicates 2017 could again see sheer weight of onshore demand keep IPO valuations above levels offshore investors believe the fundamentals warrant.

Paediatric hospital operator, New Century Healthcare, priced its 138 million share initial public offering bang on the mid-point of its indicative range on Thursday, raising HK$1,015.68 $131 million on a post-shoe basis. 

The healthcare company is likely to be very happy with a HK$7.36 issue price given it has achieved a post shoe valuation of 28 times 2017 forecast earnings. 

This is equal to or higher than its immediate Hong Kong-listed comparables such as Harmonicare, Wenzhou Kangning and China Resources Phoenix Healthcare, which are trading around the 26 to 28 times level. 

Like so many Hong Kong...

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