Guangzhou R&F Properties' initial public offering, to raise up to $2.21 billion, was fully covered yesterday as institutional investors scooped up leftovers from the unpopular retail tranche, a source familiar with the situation said. The market had expected the Guangdong-based developer to price its shares at the bottom of the indicative range of $10.70 to $12.03. 'R&F may be able to price the shares a bit higher,' the source said. The retail and institutional books of the offer closed yesterday. The retail tranche, 10 per cent of the offering of 183.92 million shares, was 'only around 50 per cent subscribed', the source said. Sponsors CSFB and Morgan Stanley declined to comment.