China Logistics Property stunned the market on Thursday by pricing its HK$3.4 billion $433 million Hong Kong initial public offering at the top-end of price guidance, despite a less-than-stellar order book.
Final pricing for the 1 billion-share deal was settled at HK3.25 per share, at the highest end of the guidance range that went as low as HK$2.55.
Such aggressive pricing is in stark contrast to other recent share sales in Hong Kong, including CDB Leasing and Orient Securities, which both settled their transactions towards the bottom end of guidance.
The operator of warehouses and logistics parks failed to draw...
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