China Netcom fixes IPO price

Chinese fixed line operator China Netcom priced its Hong Kong and New York IPO just above the mid point of the range yesterday (November 10) raising HK$8.87 billion ($1.14 billion) from the deal pre greenshoe. Thanks to a recent uptick in the share price of China Telecom, the IPO valuation started to appear extremely attractive in the last few days of the bookbuilding process resulting in a very strong institutional order book of $16 billion.