Suchuang Gas priced its 200 million-share Hong Kong initial public offering at the bottom of its price range on Friday, raising HK$416 million $53.6 million in the process.
Sources close to the deal reported that the institutional order book was covered but only at the very bottom of the range of HK$2.08 per share, with listing scheduled for March 11.
Two cornerstone investors took half the institutional tranche on a six-month lock up. They comprised Yangpu Zhongyou HuaYuan Shipping and Greenland Financial Overseas Investment Group with $10 million each.
Lack of investor interest was not that surprising after the...
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