Retail investors bid up Poly Culture

China's answer to Sotheby's and Christie's raised $331 million ahead of its Hong Kong IPO, with shares being priced at HK$33 a share, the top end of the range.

Retail investors have clamoured to get a piece of Poly Culture Group, China's largest art auction house, which will hold an initial public offering in Hong Kong on March 6.

Poly Culture, China's answer to Sotheby's and Christie's, raised $331 million on Friday ahead of the IPO, with shares being priced at HK$33 a share, the top end of the range.

Pre-marketing began last week with roughly 77.8 million shares on offer, representing 33% of the enlarged capital. Shares were initially offered at HK$28.20 and HK$33, with the final pricing putting the company's valuation at 17 times its 2014 PE forecast.

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