tiangong-triggers-buying-spree

Tiangong triggers buying spree

The Chinese special steel manufacturer draws more than $15 billion worth of orders for its $105 million IPO.
Chinese special steel manufacturer Tiangong International Company has priced its Hong Kong initial public offering at the top of the range for a total deal size of HK$826.8 million $105.7 million, after receiving overwhelming demand from the market.

The privately owned special steel manufacturer produces and sells high-speed steel HSS, die steel and cutting tools. High speed steel and die steel are used for specific industrial applications such as the manufacturing of automobiles, machinery and cutting tools. As these types of steel tolerate higher pressure and temperatures and than regular steel, they are more wear resistant.

According to a source, the institutional book was approximately 100 times covered pre-clawback, drawing more than...
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