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Chinese auctioneer Poly Culture set to jump 27 pct in HK debut
March 6, 2014 / 1:30 AM / 4 years ago

Chinese auctioneer Poly Culture set to jump 27 pct in HK debut

HONG KONG, March 6 (Reuters) - Shares in Poly Culture Group Corp Ltd, China’s largest art auctioneer, were set to jump 27 percent in its Hong Kong trading debut on Thursday after retail investors flocked to the IPO, in part because of bets on rising art prices in China.

Poly Culture was indicated to open at HK$42.00, compared with an initial public offering price of HK$33.00 per share. The IPO, which raised $331 million, priced at the top of a HK$28.20 to HK$33.00 marketing range.

The retail portion of Poly Culture’s deal generated 606 times more orders than the shares on offer, following a slew of recent listings with strong demand from retail investors in Hong Kong.

The benchmark Hang Seng index was indicated to open flat, up 0.04 percent. (Reporting by Elzio Barreto; Editing by Paul Tait)

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