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
The Sutong bridge over the Yangtze river, one of CCC's landmark projects

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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