united-laboratories-prices-hong-kong-ipo-at-the-top

United Laboratories prices Hong Kong IPO at the top

Institutional investors get 70% of the $105 million offering from the Chinese drug maker. Retail subscriptions are less overwhelming.
The United Laboratories International TUL, a Chinese manufacturer of generic Western drugs, has raised HK$825 million $105 million from its initial public offering after fixing the price at the top of the indicative HK$2.25 to HK$2.75 range.

This came after the deal was oversubscribed by both institutional and retail investors despite an 11.5% share price drop for its closest competitor during the roadshow and general weakness among recent listings in the same sector. According to a source close to the deal, institutional investors in particular were willing to overlook this because of TULÆs strong growth prospects and its vertically integrated business model.

The latter gives it better control over product...
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