Deals
CDB Leasing Breaks Cornerstone Records With $799 Million IPO
- Arm of biggest policy lender prices Hong Kong IPO near low end
- Cornerstone investors accounted for record 78.6% of share sale
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China Development Bank Financial Leasing Co. broke two records with the cornerstone tranche of its Hong Kong initial public offering, which raised $799 million after pricing near the low end of a marketed range.
The Shenzhen-based aircraft lessor sold 3.1 billion shares at HK$2 apiece, after earlier offering them at HK$1.90 to HK$2.45 each, according to terms for the deal obtained by Bloomberg on Thursday. CDB Leasing sold 78.6 percent of the offering to cornerstone investors, who commit to hold their stock for six months in return for early and guaranteed allocation, the terms show.