Li Ka-shing's utility prices HK IPO at bottom, raising $3.11 bln

HONG KONG Tue Jan 21, 2014 7:16pm EST

HONG KONG Jan 22 (Reuters) - HK Electric Investments Ltd , the investment trust controlled by tycoon Li Ka-shing's Power Assets Holdings Ltd, raised $3.11 billion in a Hong Kong initial public offering, pricing the deal at the bottom of expectations.

The trust priced the IPO at HK$5.45 per unit, compared with a marketing range of HK$5.45 to HK$6.30 each, Power Assets said in a regulatory filing on Wednesday.

HK Electric Investments offered 4.43 billion units for sale. That valued the deal at about HK$24.14 billion ($3.11 billion), well below the $5.7 billion it was once seen raising.

The IPO's value was slashed by nearly a third from the original maximum target set in December, as investors balked at paying top dollar for the trust's valuation.

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