Shares in HKT Trust & HKT Ltd, PCCW’s telecom spin-off, remained relatively unchanged for the first day of trading on the Hong Stock Exchange.
They closed at HK$4.55 (US$0.584), which is only slightly above their IPO price of HK$4.53 (US$0.581)….
Shares in HKT Trust & HKT Ltd, PCCW’s telecom spin-off, remained relatively unchanged for the first day of trading on the Hong Stock Exchange.
They closed at HK$4.55 (US$0.584), which is only slightly above their IPO price of HK$4.53 (US$0.581). The highest level reached was HK$4.58 (US$0.587).
The IPO was launched on 9 November. It was later priced at US$1.2bn – the low end of the range targeted by PCCW – amid volatile global markets.
Yesterday, Hong Kong retail investors gave a lukewarm response to the offering, with the Hong Kong public offering being undersubscribed.
The unsubscribed shares were therefore re-allocated to the international tranche, which was, by comparison, “moderately oversubscribed”.
