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Fujian Makeng Mining Undertakes Clawback Amid Surging Online IPO Demand

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Fujian Makeng Mining (SHA:601123) said its initial public offering drew strong online demand, with preliminary subscriptions reaching 7,234 times the available shares, triggering a clawback that reallocated 39.5 million shares to online from offline.

As a result, online issuance jumped to 69.2 million shares from 29.6 million shares, while offline issuance shrank to 29.6 million shares, according to a Tuesday filing with the Shanghai bourse.

The IPO of 123.5 million shares at 6.65 yuan apiece aims to raise 821.3 million yuan. The final strategic placement quantity is 24.7 million shares.

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