Related News
Hong Kong IPO market cooling
By Michael Flaherty |
September 30, 2009, Wednesday
|
Print Edition
Print Edition
DAYS before the highly anticipated pricing for Wynn Macau's US$1.6 billion public offering, Hong Kong's soaring IPO market is sputtering, with sportswear company Peak Sport the latest weak debut.
Sources said the Wynn Macau deal, a spin-off of the Asian assets of United States casino operator Wynn Resorts, is several times covered, with one source saying the institutional portion was more than 10 times oversubscribed.
The public listing looks to have solid demand before its scheduled pricing tomorrow, though sources cautioned yesterday that the books had just closed and that pricing was still a day or two away.
If priced at the top of the price range of HK$8.52 to HK$10.08 per share, Wynn Macau will raise HK$12.6 billion (US$1.63 billion) in the fourth largest global IPO this year.
But the Hong Kong IPO market, which ripped out several billion-dollar offerings that met with heavy demand and strong debuts, is showing signs of cooling.
Investors, who are seeing roughly US$15 billion worth of IPOs hit the Hong Kong market over a three-month span, appear to be getting more selective.
"There are too many deals coming out at the same time," said Andrew Mantel, managing director of Pacific Sun Investment Management. "There's only so much to go around."
Peak Sport became the latest victim of cooling investor enthusiasm for Hong Kong offerings when its shares ended down 17 percent from their IPO price yesterday.
Sources said the Wynn Macau deal, a spin-off of the Asian assets of United States casino operator Wynn Resorts, is several times covered, with one source saying the institutional portion was more than 10 times oversubscribed.
The public listing looks to have solid demand before its scheduled pricing tomorrow, though sources cautioned yesterday that the books had just closed and that pricing was still a day or two away.
If priced at the top of the price range of HK$8.52 to HK$10.08 per share, Wynn Macau will raise HK$12.6 billion (US$1.63 billion) in the fourth largest global IPO this year.
But the Hong Kong IPO market, which ripped out several billion-dollar offerings that met with heavy demand and strong debuts, is showing signs of cooling.
Investors, who are seeing roughly US$15 billion worth of IPOs hit the Hong Kong market over a three-month span, appear to be getting more selective.
"There are too many deals coming out at the same time," said Andrew Mantel, managing director of Pacific Sun Investment Management. "There's only so much to go around."
Peak Sport became the latest victim of cooling investor enthusiasm for Hong Kong offerings when its shares ended down 17 percent from their IPO price yesterday.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
