Weiqiao spins a good yarn

China''s largest cotton textile producer prices IPO at top of range after huge demand from retail and institutional investors.

Notwithstanding a roughly 10% dip in the China Enterprises Index over the past two weeks, a HK$2.12 billion $272 million IPO for Weiqiao Textile appears to have been a huge hit with investors. Books for the 249.77 million share deal were already two times covered by the first day of bookbuilding and went on to close more than 25 times covered on the institutional side and just under 120 times covered on the retail side.

With BNP Paribas Peregrine as bookrunner, the H-share deal was priced early on Friday morning at HK$8.50 per share, at the very top end of its HK$6.15 to HK$8.55 range. There is also a...

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