CNBM follow-on raises $493 million

The offering comes on the back of reverse inquiries and is priced at a 6.5% discount to the 2010 high.

China National Building Materials CNBM on Tuesday raised new capital from a HK$3.82 billion $493 million follow-on offering that it will use to reduce leverage. The deal included an 8.6% portion of shares that were sold by the National Social Security Fund NSSF, meaning CNBM, a producer of cement and other building materials, pocketed about $450 million.

CNBM’s share price has had a strong run since early May, rising 63%, and that demand was evident in...

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