Top Spring’s Hong Kong IPO sells out on first day

Top Spring International's $257 million IPO receives strong demand thanks to a deep discount in the offering price and the company's good fundamentals.

Top Spring International Holdings, a Chinese property developer, kicked off a roadshow for its HK$2 billion $257 million Hong Kong initial public offering yesterday.

Investors shrugged off concerns about the effect of the government's tightening policy on China's overheated property market and showed strong interest in the deal, fully covering the books on the first day.

The Shenzhen-based developer is offering 250 million shares, all primary, at HK$6.23 to HK$8.10 each. That suggests the company could raise between HK$1.55 billion and HK$2 billion.

Based on Top Spring's 2011 forecast earnings, the offering pitches the company at a price-to-earnings P...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222