NVC Lighting raises $198 million from Hong Kong IPO

The shares are priced at the low end of the range, but interest is strong enough to trigger a clawback, boosting the size of the retail tranche to 30%.

NVC Lighting Holdings has brought a dim light of hope to the otherwise fairly gloomy market for initial public offerings. The deal sailed through the Hong Kong IPO market and received enough interest to trigger a clawback that increased the allotment to retail investors to 30% from 10%. The institutional portion was multiple-times covered.

That makes this deal something of a hit, especially since it was in the market at a time when several major IPOs were either cancelled or postponed due to volatile conditions and rising risk awareness.

The company, which produces and sells lighting products in China and is part owned by Goldman Sachs, raised HK$1.53 billion $198 million after fixing...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222