China Tianrui Cement launches Hong Kong IPO

The Chinese cement producer seeks to raise up to $186 million, while China Polymetallic Mining and Baoxin Auto make disappointing trading debuts.

China Tianrui Group Cement, a leading clinker and cement producer in the Henan and Liaoning provinces, yesterday kicked off both the institutional roadshow and the retail offering for an initial public offering of between HK$996.17 million and HK$1.45 billion $124 million to $186 million.

The company is offering 400.9 million shares at a price ranging from HK$2.41 to HK$3.61 each, according to a term sheet. The deal size could be...

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