China Railway Signal IPO prices at the bottom

State-owned railway equipment maker was nevertheless endorsed by cornerstone and anchor investors and stands to be the fourth largest HK float this year.

China Railway Signal IPO prices at the bottom

China Railway Signal Communication Corporation, the world’s largest railway control system developer by revenue, priced its Hong Kong initial public offering at the bottom of the range despite having the order book fully covered on day one of the roadshow.

With the final price settled at HK$6.3, the state-owned company stands to raise HK$11 billion $1.42 billion through the listing of 20% of its total outstanding share capital. Final valuation came at 19.0...

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