Asia Cement spin-off prices above the low end

The final price of HK$4.95 represents a 36% discount to the company's larger competitor Anhui Conch Cement, but some investors hold off with the aim of buying in the secondary market.

Asia Cement China Holdings has raised HK$1.86 billion $238 million ahead of its listing in Hong Kong on May 20 after fixing the price slightly above the bottom of the indicated range. If the greenshoe is also used in full, the proceeds will increase to $274 million.

Coverage ratios are still well below where they were in the second half of 2007, but the fact that there was enough response from institutional investors not only to get the deal...

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