Rongsheng completes third largest IPO in Hong Kong this year

The Chinese shipbuilder raises $1.8 billion after pricing in the lower half of the range, while manganese producer Citic Dameng sells $266 million worth of shares in a deal popular with both institutions and retail investors.

Two more initial public offerings priced in Hong Kong on Friday, pushing the year-to-date IPO volume in this market to $45.6 billion and increasing the gap versus the previous IPO fundraising record of $43 billion, which was set in 2006.

The biggest of the two was China Rongsheng Heavy Industries Group, a Chinese shipbuilder, which raised HK$14 billion $1.8 billion in what was also Hong Kong’s third largest initial share offering this year after AIA Group and Agricultural Bank of China.

However, the most popular of the pair especially with retail investors was Citic Dameng Holdings, China’s largest manganese producer, which raised HK$2.06 billion $266 million. Sources say the fact that the...

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