new-world-spinoff-raises-301-million-from-ipo

New World spin-off raises $301 million from IPO

The deal for New World Department Store sees hefty demand from institutional investors, but retail orders fail to trigger a full clawback.
Like other listing candidates in the sector, New World Department Store has set the price of its initial public offering at the top of the range after drawing substantial interest from the market. The pricing allowed the department store operator to raise HK$2.4 billion $301 million.

Demand from retail investors, however, failed to trigger a full clawback. Still, the tranche was increased from 10% to 40% of the total deal, after being more than 60 times subscribed, sources say.

Multiple choices in the primary market may have distracted retail investorsÆ attention during the order period. The launch of the public portion of the deal on June 28 was followed a day later by...
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