Sofa maker halves IPO size due to soft demand

Man Wah trims its initial public offering to $212 million, while paper recycling company Fook Woo prices at the top to raise $185 million.

Man Wah Holdings, a sofa maker and retailer, has cut its Hong Kong initial public offering to less than half the amount initially targeted following a decision by existing shareholders not to sell any shares amid the current weak market environment.

The targeted amount has been downsized to HK$1.64 billion $212 million from $317 million to $440 million, and the previous offering price range of HK$8.50 to HK$11.8 per share has been reduced to a fixed price of HK$6.80 per share, according to a new term sheet. The deal, which is arranged by Macquarie Capital, initially closed on Wednesday, but was relaunched with the new terms yesterday morning. The company, which...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222