shui-on-land-returns-with-sharply-reduced-ipo-offer

Shui On Land returns with sharply reduced IPO offer

Price range is at the low end of that used for postponed June offering. China Blue Chemical sets its price range in line with Mainland peers.
Mainland developer Shui On Land will start premarketing today to revive its Hong Kong initial public offering. The IPO was called off in mid-June amid difficult market conditions that made investors extremely sensitive about valuations.

Both the secondary and the primary markets has recovered since then and China Merchants Bank, which is currently on the road trying to raise up to $2.66 billion, is receiving overwhelming demand, according to bankers close to the offering. China Blue Chemical, the fertiliser unit of China National Offshore Oil Corp, has also received enough orders to cover its entire $340 million offering even though the formal bookbuilding process doesnÆt kick off until today September 11.

To ensure a...
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