CNBM becomes third major HK IPO to price at top end

Building materials producer sees full clawback after heavy retail demand.

China National Building Materials has raised HK$1.80 billion $232 million from its IPO after strong investor interest allowed it to fix the price at the top end of the range.

Some investors were attracted to the offering because of the projected growth in the mainland construction industry, which the company is in a good position to tap into given its diverse range of building materials, including cement, while others focused simply on CNBMÆs cheaper valuation compared with Hong...

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