Busiest Listing Day of 2019 Puts Hong Kong’s IPO Demand to Test
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Welcome to Hong Kong’s busiest day for stock debuts this year. Six companies began trading Friday with mixed results as investor demand shows cooling signs after a frenzied October.
Shanghai Kindly Medical Instruments Co., which sells devices such as catheters, raised $106 million in the most popular sale among the six initial public offerings: Individual investors placed orders for 268 times the shares initially available to them and the stock on Friday jumped as much as 44% from its offer price. Oncology drugmaker TOT Biopharm International Co. was the second-biggest deal -- $75 million -- with its retail book covered by 13 times. However it is the worst performer of the lot, down 6.7% from its offer price.