Honghua HK IPO price set at HK$3.83 per share

China Honghua Group Ltd., the world's second-largest maker of onshore oil rigs said the offering price was set at HK$3.83 per share for its Hong Kong IPO, in the middle of its indicative range of HK$3.16-4.50.

It has received valid subscriptions for up to 2.38 billion shares, 27.6 times oversubscribed.

According to the statement published Thursday by Honghua, the proceeds raised from the IPO will reach HK$2.97 billion ($381.3 million), excluding a 15% of additional share offering.

Arranged by Morgan Stanley and Credit Suisse, its H-shares will start trading tomorrow.