Zhongmiao Holdings (Qingdao) Raises HK$196 Million in Hong Kong IPO

MT Newswires Live08-06

Zhongmiao Holdings (Qingdao) (HKG:1471) raised HK$195.8 million in net proceeds from its Hong Kong initial public offering after pricing the shares at the lower limit of its indicative range.

The insurance agency service provider issued 35.3 million shares at HK$7.0 apiece, the bottom end of its guidance of as high as HK$10.2 each, according to a late Monday bourse filing.

The deal's Hong Kong public offering portion was 16.07x oversubscribed, prompting the company to issue 4.35 million shares, up from the initial allocation of 3.53 million.

The international placing shares were 0.98x subscribed, and the firm issued 30.4 million shares.

Zhongmiao Holdings (Qingdao) started trading on the Hong Kong bourse today, Aug. 6.

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