THE world’s biggest pork company has deployed 29 banks to market its up to US$5.3 billion Hong Kong initial public offering (IPO) in the hopes of getting a better price for its shares in a volatile market. But instead of creating a buzz, the underwriters are creating confusion.

    China’s WH Group Ltd. is pricing its shares this week as it raises funds to help repay loans taken to finance its US$4.9 billion acquisition of U.S.-based Smithfield Foods Inc. last year.

    WH Group is looking to price its shares between HK$8 (US$1.03) and HK$11.25 each. The unusually wide indicative range reflects the uncertain outlook for a market that has fluttered between plus 7 percent and minus 7 percent so far this year.

    To pull in as many investors as possible, WH Group has dispatched a record number of underwriters, but that strategy appears to be creating an unintended effect. There are just too many bankers offering varying degrees and depth of advice, some fund managers say.

    “I am getting calls from different banks for the same deal,” said a Hong Kong-based fund manager, who declined to be named to avoid jeopardizing his relationship with the bookrunners. “Do I place my order with one of you guys or eight of you guys? That’s one of the reasons why I also haven’t really placed an order. I am not sure what to do here.” (SD-Agencies)