China Communications Construction sets range for downsized IPO

The company sets the price range for its IPO at Rmb5 to Rmb5.4 a share and will kick off an accelerated two-day bookbuilding today.

China Communications Construction sets range for downsized IPO

China Communications Construction CCC has set the indicated price range for its planned Rmb5 billion $791 million Shanghai initial public offering and kicks off an accelerated two-day bookbuilding today.

The price range is set at Rmb5 to Rmb5.4 per share, which values CCC at 6.52 times to 7.04 times its 2011 earnings, the company said in a statement released late yesterday on the Shanghai Stock Exchange website.

The IPO price will be...

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