Newton Resources, the Chinese iron ore mining company that was taken over by the New World group last year, has priced its initial public offering at the bottom of the indicated range, allowing it to raise HK$1.75 billion $225 million ahead of its listing in Hong Kong on July 4, according to an announcement by its parent company NWS Holdings yesterday. This makes it the second Hong Kong listing candidate to succeed in completing an IPO above $100 million last week when three other deals were cancelled due to the difficult market environment.
However, according to sources, Newton’s IPO became fully covered only after one of the four bookrunners,...
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