Henderson Cyber, the telecommunications and technology flagship of Henderson Land, received a lukewarm reception from investors to its plan to list on the Growth Enterprise Market (GEM). Henderson Cyber shares were given a disappointing response yesterday, closing only two times oversubscribed. Fellow GEM candidate, DigiTel Group, fared marginally better with its shares closing four times oversubscribed. Analysts say other companies in the listing queue can also expect a mediocre reception. Investor indifference is in line with the GEM Index, which was up slightly by 8.17 points yesterday, closing at 448.59 after a low of 440.42 points on Thursday. Excel shares traded underwater, despite the fact its initial public offering was 43 times oversubscribed and its share placement 17 times oversubscribed. Excel, which started trading on June 30, closed at HK$1.24 yesterday - 10 per cent lower than its issue price of HK$1.38. Sources close to Henderson Cyber's sponsors say its offering to institutional investors was only about two times oversubscribed but was popular with retail investors, where shares were four to five times oversubscribed. Sources say the prices set today will be at the low end of the eventual offering price. Analysts said Henderson Cyber, backed by parent company Henderson group, would not draw strong interest from the market because the company's value was in its portal iCare.com and its success was unproven. Henderson Cyber will issue 750 shares at HK$1.20 to HK$1.40 per share in a bid to raise up to HK$1.05 billion. Of the shares on offer, 90 per cent would be placed with institutional investors, while 10 per cent would be offered in the initial public offering (IPO). Trading will start on July 14. DigiTel Group's share offering, which aims to raise HK$105 million, is so far five times oversubscribed, according to an underwriter of the deal. The issue price has been set at HK$1.05, which is close to the high end of 95 HK cents to HK$1.1 price range that has been set for the IPO. AcrossAsia Multimedia, an Indonesian-based broadband system integrator, was also given the cold shoulder with its issue slightly oversubscribed, sources close to the sponsors said. Beijing Beida Jade Bird Universal Sci-Tech said its listing timetable would be delayed due to a disagreement between the company and its sponsor Tai Fook on the issue price. Response to the institutional offering, which closed yesterday, was weak, according to an investment banker, who claimed the offer was too aggressive. Tai Fook was not available for comment.