The institutional tranche of Tai-I International Holdings' up to HK$249 million Hong Kong initial public offering, which is poised to be the first listing next year, has been nine times oversubscribed, according to the sale arranger.
The mainland's third-largest bare copper wiremaker was offering 150 million new shares, or 25 per cent of its enlarged share capital, at between HK$1.38 and HK$1.66 each, representing 10.5 to 12.7 times the company's forecast earnings this year.
Institutional investors from Hong Kong, Singapore and Japan had a strong interest in the company, said C.Y. Huang, the president of Polaris Capital, the sponsor of the deal.
The institutional portion accounted for 90 per cent of the offering and closed on Tuesday.
The retail portion will be opened for subscription until January 3.
Trading is scheduled to start on the main board on January 11.
