China sauce maker Honworld set to jump in HK debut after $115 mln IPO
HONG KONG Jan 28 (Reuters) - Honworld Group Ltd, China's largest maker of cooking wine, is set to jump 19 percent in its Hong Kong trading debut on Tuesday, after raising $115 million in an IPO that was swamped by the city's retail investors.
Shares in Honworld were indicated to open at HK$8.50, compared with an IPO price of HK$7.15, according to Hong Kong stock exchange data. That compares with a 28 percent jump in gray market trading on Monday.
By comparison, the benchmark Hang Seng index was indicated to start 0.2 percent higher.
Honworld's IPO was flooded by orders from small investors, with the retail portion generating more than 1,045 times demand than the shares on offer, a company filing showed on Monday. The institutional tranche of the IPO was "significantly oversubscribed", the statement added.
Macquarie Group was sole sponsor and sole global coordinator of the IPO. First Shanghai Securities Ltd also helped to underwrite the deal.