* Shares rise as high as $43.50 from HK$33.00 IPO price
* Poly Culture IPO benefits from strong retail investor
(Adds details of IPO demand, recent IPO performances)
By Elzio Barreto
HONG KONG, March 6 Shares in Poly Culture Group
Corp Ltd, China's largest art auctioneer, jumped as
much as 32 percent in their Hong Kong trading debut on Thursday
after retail investors flocked to its IPO, encouraged by rising
art prices in China.
Poly Culture, the world's third-biggest auctioneer after
industry leaders Christie's and Sotheby's, saw the
retail portion of its IPO generate 606 times more orders than
shares on offer -- the latest in a slew of listings for niche
firms that have met with robust demand from retail investors.
The institutional tranche of the IPO, which raised $331
million, was "very significantly over-subscribed," a company
Shares in Poly Culture climbed as high as HK$43.50, up from
its initial public offering price of HK$33.00, and were last at
HK$40.65 in early morning trade.
The benchmark Hang Seng index traded up 0.3 percent.
Other firms to find favour with Hong Kong retail investors
include funeral services operator Fu Shou Yuan International
Group Ltd whose retail tranche was oversubscribed by
more than 681 times in December and night club owner Magnum
Entertainment Group Holdings Ltd whose retail portion
was oversubscribed by a record 3,559 times.
CLSA was sole global coordinator and bookrunner of the IPO,
and stands to earn an underwriting commission of $7.94 million,
or 2.4 percent of the proceeds, according to Poly Culture's
(Editing by Paul Tait and Edwina Gibbs)