value-partners-snubs-volatility-to-price-high

Value Partners snubs volatility to price high

The asset manager raises $376 million from its IPO, but Ping An buys nearly 40% of the deal, leaving few shares for others to fight over.
Solid demand allowed Hong Kong-based fund manager Value Partners to price its initial public offering at the top of the range despite volatile markets and a decline in several of its global peers just before or during its roadshow. This enabled it to raise the maximum HK$2.91 billion $376 million that it sought before its listing on the main board on November 22.

According to a source, the institutional tranche attracted orders for 160 times the amount of shares available after adjusting for the retail clawback and excluding the stake bought by Ping An Insurance. The retail portion of the deal was more than 110 times covered after seeing a good ôhit rateö from...
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