Shanghai Forte completes IPO

Almost one year after failing to list on the Hong Kong Stock Exchange, Shanghai Forte is able to ride on the back of strong market momentum.

Shanghai's largest private sector property developer Shanghai Forte priced its IPO on Friday via lead manager Morgan Stanley. The company offered 638.3 million shares at HK$2.35 each, the top end of a revised indicative range of HK$1.80 to HK$2.35 per share.

With the inclusion of a greenshoe, total proceeds will rise to HK$1.75 billion $225 million and represent 34.5% of the company's outstanding share capital. The transaction had a split of 98.5% new shares and 1.5% old shares.

Retail books are said to have closed 480 times covered, prompting the maximum clawback to 50% of the deal. Institutional books closed at the $3 billion mark with demand...

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