Shanghai Electric priced its 2.97 billion share IPO on Friday, raising HK$5.05 billion $648 million from the Credit Suisse First Boston led deal. The offering was priced at HK$1.70 per share, a quarter off the top of a HK$1.50 to HK$1.76 range.
The institutional order book is said to have closed four times covered and the retail order book 11.7 times covered, triggering no clawbacks. Allocations saw retail receive 10%, a Daiwa SMBC-led POWL Public Offering Without Listing 8%, strategic investor Siemens 5% and institutions the remaining 77%.
Theoretically the deal could have been priced at the very top of the range,...
