renhe-ipo-reaches-the-finish-line-û-but-only-just

Renhe IPO reaches the finish line û but only just

The Chinese underground mall operator raises $435 million from a reduced offering, but fails to attract international investors.

Anette Jönsson

October 20, 2008

Renhe Commercial Holdings has managed to complete its initial public offering and will become the first company to list in Hong Kong since mid-August. It is also the only company of size to have been in the market with an IPO globally this month, although the hoops it had to jump through to pull it off doesnÆt exactly instill confidence that the market is about to recover.

According to sources, the deal attracted minimal interest from international investors even after the company and its four bookrunners re-launched the offer at a fixed price 19.3% below the bottom of the original range and kept the books open for an extra week. Some say that including Warburg...

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