Jordan's IMM IPO shrinks as HKSE market wanes
International Mining Machinery (IMM), a Chinese mining equipment producer jointly formed by New York-headquartered private equity firm The Jordan Company, and Beijing based co-investors Emory Williams and John Lee, has set its Hong Kong IPO at 520 million new shares for a total size of HK$2.5 billion ($322 million), according to a term sheet sent to investors - way below their apparent expectations, in the wake of waning market sentiment.
The institutional tranche of the offering was reduced, amid signs of lukewarm institutional interest. Apparently, companies will need to either postpone their IPOs until after Chinese New Year in mid-February,...
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