stella-pockets-387-million-from-ipo

Stella pockets $387 million from IPO

The Chinese shoemaker sets the price at the top of the range despite a somewhat subdued response from retail investors.
Stella InternationalÆs initial public offering has proven that investors are still reasonably keen to put their money into ChinaÆs footwear manufacturing industry with the price being fixed at the top end of the range. Overall demand was also healthy, although unusually for a Hong Kong IPO, retail demand fell short of triggering the maximum clawback. The clawback would have required a subscription rate of more than 100 times.

The shoemaker set the price at the top of its HK$12.50 to HK$15.50 indicative range, pocketing HK$3 billion $387 million from the offering. Stella offered 195 million new shares, which amounts to 25% of its enlarged share capital. A 15% greenshoe can increase...
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