China State Construction Engineering Corp. attracted more than 1.8 trillion yuan ($263.5 billion) of orders for the world’s largest initial public offering since March 2008, said two people familiar with the information.
The number represents about 36 times the maximum amount the company is seeking in the Shanghai IPO, based on Bloomberg calculations. The country’s largest housing contractor is offering as many as 12 billion shares at 3.96 yuan to 4.18 yuan each to raise as much as 50.2 billion yuan, China State Construction said in earlier announcements.
The Beijing-based company drew more than 900 billion yuan in demand for the portion of the IPO which is open to institutions, whose bids helped to set the price range, said the people, who declined to be identified, because the figures are preliminary and have yet to be publicly announced. The portion of the sale open to all investors attracted more than 800 billion yuan of orders, they added.
Read the full article by Bei Hu “China State Construction Said to Draw Over $264 Billion for IPO” at Bloomberg.com (July 23, 2009)