China railway builder launches $5.4 billion IPO

China Railway Construction Corp launched a larger-than-expected $5.4 billion IPO that would be the world's biggest this year, despite cutting the number of shares to be listed in Shanghai amid market weakness.

China Railway Construction, which is about the same size as duopoly rival China Railway Group 0390.HK601390.SS, set the price range above what the market had anticipated for its Hong Kong and Shanghai share sale. The IPO was postponed from January due to poor stock market conditions.

To boost investor confidence, the state-run company tapped nine so-called cornerstone investors including Hong Kong tycoons, two Singapore government funds and Yale University to buy up to $450 million worth of IPO shares ahead of a listing in Shanghai on March 10 and in Hong Kong on March 13.

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- Posted: 2008-02-25 09:30:11

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