ruinian-completes-hong-kong-ipo-against-difficult-backdrop

Ruinian completes Hong Kong IPO against difficult backdrop

The Chinese provider of nutritional supplements and health-food products raises $116 million after pricing the deal above the bottom of the range.

Ruinian International, a small-cap provider of nutritional supplements and health-food products and health drinks in China, showed that market newcomers can still generate interest with its successful IPO at the end of last week.

The Wuxi-based company priced its initial public offering at HK$3.00 per share, slightly above the bottom of the indicated range of HK$2.95 to HK$3.78, resulting in a total deal size of HK$900 million $116 million. According to a source, the institutional tranche, which accounted for 90% of the deal, was about two times covered, while the retail offering was around seven times subscribed. While by no means excessive, it is worth noting that it is typically...

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