tianjin-port-development-raises-318-million-from-placement

Tianjin Port Development raises $318 million from placement

The final price is fixed slightly below the mid-point of the indicated range, but the deal attracts ôstrongö demand from over 100 investors.

Tianjin Port Development Holdings raised HK$2.46 billion $318 million from a share placement late Tuesday to fund a planned acquisition. The Tianjin-based port operator sold approximately 986.5 million new shares at HK$2.50 apiece in a popular deal that sources said received strong demand from over 100 investors during a two-hour marketing period.

The final price was fixed a tad below the mid-point of the indicated range, resulting in a 15% discount to Tuesday's closing price of HK$2.94. The shares were offered to investors at a price ranging from HK$2.41 to HK$2.60 each, which translated into a discount of between 11.6% and 18%.

The stock finished 1.7% lower at HK$2.89...

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