Virscend seals IPO amid volatility

Investors take a leap of faith by buying into the Chinese private school operator despite a very volatile week at the start of 2016.

Virscend Education, the Chinese private education company, priced its Hong Kong initial public offering off the bottom end of the indicative price range on Friday despite choppy markets during the course of its bookbuild.

Final pricing was settled late on Friday at HK$2.40 per share against the indicative range of HK$ 2.18HK$2.92 but allocations were still being finalized on Sunday evening, a source familiar with the situation told FinanceAsia. The company raised HK$1.8 billion $232 million from the sale of 750 million shares, representing 25% of its enlarged share capital.

The Sichuan-based private school operator built its book in an...

¬ 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