18 Mar '11, 9pm

[TODAY] Hutchison Ports IPO under water

SINGAPORE - Units in Hutchison Port Holdings Trust fell on their debut on Friday by as much as 6.9 per cent from their inital public offering (IPO) price as sentiment across the region continued to be weighed down by the disaster in Japan. Priced at US$1.01 (S$1.30), well below the top end of its indicative range of US$0.91 to US$1.08, the units fell as low as US$0.94 before closing at US$0.95, on a total volume of 616.8 million. The business trust, which owns container terminals in Shenzhen and Hong Kong, sold about 5.4 billion units to raise US$5.5 billion and become South-east Asia's largest-ever and the world's biggest IPO so far this year. Cornerstone investors, including a unit of Singapore investment company Temasek Holdings, invested US$1.62 billion in the IPO. Asian equities, already rattled by political instability in the Middle East, tumbled this week on concern...

Full article: http://www.todayonline.com/Business/EDC110319-0000398/Hut...

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