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HONG KONG - CHINA Railway Construction has attracted record orders for its Hong Kong initial public offering, despite tough market conditions, the South China Morning Post said on Thursday.
The company, which built part of the controversial train line to Tibet, attracted HK$530 billion (S$95 billion) worth of orders, the report said.
This surpasses the previous record of HK$450 billion for the Hong Kong IPO of Alibaba.com last November.
Retail investors have ordered 250 times the shares available to them, meaning many will miss out, the paper quoted sources as saying.
Hong Kong's listings market has been hit in recent months by fears of a global recession, and several companies have cancelled IPO plans.
China Railway Construction, one of China's largest road and rail contractors, last month raised 22.25 billion yuan from a domestic initial public offering.
The offering attracted about 3.1 trillion yuan (S$4.3 trillion) of subscription funds, with the retail tranche 156 times oversubscribed and institutional tranche 78 times oversubscribed.
The company is issuing 1.706 billion shares on the Hong Kong stock market and has set a price range of HK$9.93 to HK$10.70 for the offer.
In all, it will raise HK$42 billion from the two listings, set for March 10 in Shanghai and March 13 in Hong Kong. -- AFP
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