Hot Belle poised to set investor hearts fluttering on debut
Belle International Holdings, which tapped the equity market with an HK$8.68 billion initial public offering, is expected to make a strong debut tomorrow after receiving overwhelming response from retail investors.
In the grey market yesterday, the mainland women's footwear maker and retailer traded at between HK$8.80 and HK$9 per share, up 41.94 to 45.16 per cent from its issue price of HK$6.20, the top end of an indicative range. The firm received 516 times more orders than shares available in its retail offering, leading to a Hong Kong record of HK$445 billion in funds being frozen.
Morgan Stanley and Credit Suisse sponsored the offering.
Underscoring the market's eagerness for China consumption plays, shares of department store operator Jiahua Stores Holdings rose as much as 42.31 per cent on their trading debut yesterday.
After a HK$260 million offering, the stock opened at HK$1.20 and climbed to a high of HK$1.48 in the afternoon before closing at HK$1.45, up 39.42 per cent from its offer price of HK$1.04. About HK$397.04 million worth of shares changed hands.