Uninspiring investor demand hits Hutch listing hard

8 Oct 2004

Hutchison Whampoa has revealed that it will raise just HKD7 billion (USD898 million) from its subsidiary Hutchison Telecommunications International Limited (HTIL), compared to original market expectations of USD2 billion, thanks to a lack of investor interest. The poor enthusiasm is thought to be down to the fact that HTIL has been making a loss in recent years and will not pay a dividend, as well as to its assets being spread over several countries. The IPO was placed at HKD6.07 per share yesterday, at the bottom end of its already lowered price range of between HKD6.01 and HKD7.04.