A HK$781.9 million $100 million IPO for Lee Man Paper Manufacturing has been completed by bookrunner CLSA. The 187.5 million share deal was priced at HK$4.17 per share, towards the top end of its HK$3.33 to HK$4.50 indicative range.
There is also a 28.12 million share greenshoe, although the percentage of issued share capital will not change even if it is exercised in full, as chairman Patrick Lee has an option to top the family's majority ownership back to 75% again. The public float will be 25%. Alongside the leads, co-leads were Cazenove and BOCI, with Citic and DBS as co-managers.
At an issue price...
