People’s IPO receives lukewarm reception

30 Mar 2004

Third largest wireless operator in Hong Kong – People’s Telephone – has been forced to price its USD156 million IPO at the lowest possible level because of lack-lustre demand. UBS, the telco’s sale advisor, was even forced to step in and buy 8% of the shares on offer to help the sale along. The retail portion of the IPO is reported to have been almost halved to just 5.3% of the total, after domestic investors shunned the deal.