Chinese IPO

China Communications Construction raises $793 million in Shanghai IPO

The country's biggest port builder sells 1.35 billion shares at Rmb5.4 each, the higher end of the price range.
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CCC's 5km-long Shenzhen Bay Highway Bridge, completed in 2007
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<div style="text-align: left;"> CCC's 5km-long Shenzhen Bay Highway Bridge, completed in 2007 </div>

China Communications Construction CCC, the country’s biggest port builder, raised Rmb5 billion $793 million on Thursday after offering shares at the top end of the indicated price range.

The company had to cut the size of the offering by as much as 75% from its initial plans, but CCC’s deal is nevertheless the biggest Shanghai initial public offering so far in 2012 and is likely to be one of the biggest of the year.

CCC, which is already listed in Hong Kong, sold 1.35 billion shares at Rmb5.4 each, the higher end of a price range that started at Rmb5. The final price implies...

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