If you were to have picked a day to price an IPO over the past 12 months, you theoretically couldn’t have done much worse than Friday March 14 when Bear Stearns announced that it was having a little liquidity trouble. Yet Want Want, a Chinese snack maker, said go go and completed its $1.05 billion flotation despite what must have been a difficult roadshow. The stock slumped sharply at first but then climbed steadily. As Euromoney went to press, it was trading well above the launch price.
Investment bankers are in agreement...
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