VPower Group International launched an initial public offering in Hong Kong on Thursday one of the first companies to access the Asian equity capital markets following America’s surprise US presidential election result.
Syndicate bankers said the company’s management had already decided to launch the deal ahead of the result, indicating their confidence it could sail through even in the case of extreme volatility, which did not materialise anyway.
Nevertheless, the termsheet shows that VPower’s offering has been scaled back.
Indicative terms reveal the issuer is pitching a 550 million share deal at HK$2.78 to HK$3.47 per share. This will generate proceeds...