Tenwow raises $203 million from IPO

The Chinese producer and distributor of food and beverages attracts strong demand and will be the first company of size to list in Hong Kong after the summer.

Tenwow International Holdings has raised HK$1.58 billion $203 million from its Hong Kong initial public offering after fixing the price at the top of the range. The pricing was in line with expectations after sources had been saying the deal was multiple times covered both by retail investors and institutions.

There was also virtually no price sensitivity, with sources saying that fewer than five investors submitted limit orders.

The company, which according to US consulting firm Frost Sullivan is one of the largest producers and distributors of packaged food and beverages in China, will be the first issuer of size to go public in Hong Kong...

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