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...