While initial comments had suggested that the stock was expensive at the upper end of the HK$4.18 to HK$5.38 range, the final pricing showed that investors disregarded their own talk of a somewhat pricey deal and piled into the offering. In the end, there was very little price sensitivity in the book.
ôYes, people say the valuation wasnÆt cheap, but then they turn around and ask why they couldnÆt be a cornerstone investor,ö notes one banker familiar with the marketing process.
According to sources,...
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