Monday, March 10, 2008

China Railway Construction prices HK IPO at top - source

China Railway Construction Corp priced the Hong Kong portion of its initial public offering at the top of its range, raising US$5.4 billion in a dual Hong Kong and Shanghai listing, a source close to the deal said on Thursday.

The state-run company is set to make its trading debut on March 10 in Shanghai and March 13 in Hong Kong.

China Railway Construction sold 1.7 billion shares for the Hong Kong portion of its IPO at HK$10.7 apiece, compared with a range of HK$9.93 to HK$10.7, the source said, to raise $2.3 billion.

The company already sold 2.45 billion mainland China shares at 9.08 yuan apiece, the top of an indicated range, to raise 22.25 billion yuan ($3.1 billion).

China CITIC Securities <> is underwriting both the Shanghai and Hong Kong portions of the offering while Citigroup and Macquarie Bank are sponsoring the Hong Kong offering.

(US$1=HK$7.8=7.1075 yuan)

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