Pacific Basin fills IPO with institutions

Minor dry bulk shipper Pacific Basin raised HK$1.09 billion ($140 million) from a Hong Kong IPO yesterday (Thursday) after securing a much stronger order book than initially anticipated. The institutional order book closed 10.5 times covered and the retail order book 3.6 times covered, leading to pricing at HK$2.50 per share, the mid-point of the deal's indicative price range.