Tianhe prices IPO near range bottom

Tianhe was supported by long-only investors and specialty funds focused on the chemical sector.

Tianhe Chemicals raised $654 million in a Hong Kong initial public offering on Friday after pricing 2.8 billion shares towards the bottom end of its targeted range.

It is the fourth-largest IPO in Hong Kong so far this year and comes at a time of renewed interest in local listings.

The Chinese chemical company priced the shares at HK$1.80, near the lower end of its HK$1.75 to HK$2.25 price range, under the lead of Bank of America Merrill Lynch, Goldman Sachs, Morgan Stanley and UBS.

Over 100 institutional investors participated in the deal, making up nearly 98% of the book,...

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