HONG KONG Jan 22 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.