CGN Power secures 18 cornerstones

IPO could net the Chinese nuclear power company $3.6 billion post-shoe.

CGN Power has won commitments from 18 institutional investors ahead of its Hong Kong IPO, which may net the Chinese nuclear power company $3.6 billion post-shoe.

China’s largest nuclear energy producer set the terms for its IPO on Monday morning. Depending on where the deal prices, it could be Hong Kong’s largest IPO this year, surpassing HK Electric’s $3.1 billion flotation in January.

On offer will be 8.8 billion shares, all of them primary, at a price range between HK$2.43 and HK$2.78 per unit, according to a term sheet. Pre-shoe, the nuclear power company will raise between $2.8 billion and $3.2 billion. An exercised...

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