Nirvana digs up $261m in HK IPO

Although the Malaysian death care firm priced its shares at the bottom of the range, it was a big hit with retail investors.

Nirvana Funeral Services priced its initial public offering of shares at the bottom of its indicative range on Wednesday after a volatile few days trading in Hong Kong.

The Malaysian death care firm raised $261 million after pricing 674 million shares at HK$3.00 per unit, at the trough of a range that scaled up to HK$3.38 per unit, after the benchmark Hang Seng Index shed about 2.5% early in the week, paring back some of its gains from the previous fortnight. 

All of the shares were primary, and at HK$3.00 per unit the company was sold at a forward basis of 17.8 times...

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