Beijing Jingkelong and Jutal Offshore Oil Services, two small listing hopefuls, managed to attract large amounts of retail orders for their initial public offerings despite the liquidity drain caused by China Merchants Bank's deal. Analysts said the popularity of the small offerings shows retail investors are confident they can make a quick profit. 'The IPO frenzy has returned after the summer lull,' an investment banker said. 'Investors see the success of Win Hanverky [Holdings] and the strong response to Merchants Bank so they anticipate the IPO story will continue.' Win Hanverky, the first IPO after the summer break, rose 33 per cent in its trading debut. Merchants Bank's retail offer was 265 times oversubscribed, locking up about HK$250 billion of funds. Jingkelong, the second-largest supermarket operator in Beijing, has attracted retail orders of more than 100 times the available shares. The figure may rise when subscription ends today, a source said. Margin finance orders for Jingkelong received by five brokerages hit HK$5.3 billion, representing about 90-fold the number of shares earmarked for retail investors. 'After triggering the clawback mechanism, fewer shares will be available for institutional investors, so they are complaining that they can't get enough,' the source said. Under the clawback mechanism, the retail tranche of the IPO will be lifted to 50 per cent from 10 per cent of the total when it is more than 100 times oversubscribed. Jingkelong's institutional tranche, which is more than 40 times oversubscribed, will be slashed to 66 million shares from 118.8 million shares, while the retail tranche will be boosted to 66 million shares from 13.2 million shares. Jingkelong is raising up to HK$594 million from the sale of 132 million H shares, with an option to sell a further 15 per cent if demand warrants, at between HK$3.90 and HK$4.50 each. The price range represents 19.6 times and 22.6 times of its earnings last year. 'There's no doubt the offer price will be fixed at the top end given the overwhelming response,' the source said. DBS Asia Capital is the arranger of the deal. Oil equipment manufacturer Jutal's retail portion is more than 1,000 times oversubscribed and its shares will be priced near the top end of the indicative range, a source familiar with the deal said. Jutal, which provides technical support services and machinery to CNOOC and Devon Energy China, is selling 100 million new shares at between HK$1 and HK$1.50 each to raise up to HK$150 million. Sun Hung Kai International is the sponsor of the share sale.