Kasen Int'l indicated 1.96 pct down ahead of HK debut
a leather products and furniture manufacturer in China, were indicated 1.96 percent lower ahead of their US$99.5 million Hong Kong listing on Thursday.
Kasen shares were indicated at HK$2.50, against their IPO price of HK$2.55 each.
The Zhejiang-based company sold 304.22 million shares, or 30 percent of its enlarged share capital, at the bottom of a range between HK$2.55 and HK$3.15, after receiving a tepid market response.
The retail portion of the offering was only 23 percent subscribed, and the institutional tranche about 1.5 times to 2 times covered. The IPO price represents 10.3 times expected earnings of the company.
Private equity firm Warburg Pincus holds 18.44 percent of the company after the listing. UBS was the sponsor of the issue.
