Pacific Basin fills IPO with institutions

Shipper completes only Hong Kong listing in 2004 where institutional demand is greater than retail.
July 08, 2004

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.

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