Towngas China raises $122 million from primary share placement

The utility company’s deal draws robust demand and prices at the top of the range, as investors welcome the liquidity event.

Hong Kong-listed Towngas China has raised HK$946.5 million $122 million from a primary share placement, after fixing the price at the top of the indicative range.

The share sale was conducted yesterday through an accelerated bookbuild. The deal launched just before 2pm Hong Kong time after the stock was suspended from trading and closed in about three hours.

Demand was strong with 91 lines in the order book, a source said last night. The buyers included a good mix of long-only accounts, high-net-worth individuals and hedge funds, and the book was multiple times covered throughout the price range, the person noted.

As it...

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