Tom.com, the Greater China media group controlled by Li Ka Shing group companies, completed the largest ever convertible from Hong Kong's GEM market yesterday Thursday, raising $150 million. With Citigroup and Deutsche Bank as joint lead managers, the group also increased the deal slightly via the greenshoe, which was raised from $25 million to $35 million.
Tom.com is said to have been evaluating the equity-linked market for the last couple of months and decided timing was opportune after Brilliant China's successful $170 million convertible last week. The onset of rising interest rates, exemplified by moves this week from the Australian and British central banks, is also said to have acted...
