Tea shop chain Sichuan Baicha Baidao shares slump 23% in Hong Kong debut [Reuters]
News Corporation - Class B (NWS)
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Source: Reuters
, opens new tab fell more than 20% on Tuesday in its Hong Kong trading debut following a $330 million initial public offering (IPO). The shares were sold at HK$17.50 ($2.23) each in the IPO, which is the largest in Hong Kong so far in 2024. Baicha Baidao shares opened down 10.1% and fell by as much as nearly 23% to HK$13.50 each in early trade. The shares had been offered to investors at a fixed price of HK$17.50 rather than in a range that would have given the underwriters the ability to set a final price after gauging demand. Baicha Baidao's IPO attracted tepid interest from investors. Hong Kong retail investors did not take up the full amount of shares on offer for them, according to the company's regulatory filings. The retail tranche was only 0.5 times covered, which mean 7.44 million shares were reallocated to institutional investors. The institutional tranche was 1.1 times covered, which is considered weak, especially compared to Hong Kong's IPO boom times in 202
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