WITH overwhelming demand for shares in Tingyi (Cayman Islands) Holding Corp, the noodle-maker has set its issue price at $1.68 - near the high planned for the initial public offering.
Sponsor Deutsche Morgan Grenfell said the initial sale of 811.08 million shares, welcomed by international fund managers and domestic private investors, was more than 15 times subscribed.
'Institutional demand for the placement is far more overwhelming than the public offering,' an analyst said.
The new offering is based on placings in Hong Kong and overseas.
The Hong Kong offering of 121.66 million shares, out of the 811.08 million shares, was 3.18 times subscribed.
In view of this, shares offered will be adjusted to 25 per cent of the total offering, to 220.27 million shares.