China Railway Signal IPO rolls onto the tracks

The state-owned railway control system developer launches pre-marketing, hoping that improving investor sentiment will enable it to price through CRRC.
Will investors signal their enthusiasm for Hong Kong's latest benchmark IPO?
Will investors signal their enthusiasm for Hong Kong's latest benchmark IPO?

China Railway Signal Communication Corporation, the world’s largest railway control system developer, began pre-marketing its Hong Kong initial public offering on Monday.

Based on initial pricing indications of about 20 times 2015 earnings, the group should raise about $1.5 billion, or about $1.67 billion if its greenshoe is exercised.

The deal will provide a key test of investor sentiment at a time when China related equity markets are only just starting to recover from their recent rout and the primary markets are beginning to wind down as fund managers head off for their summer holidays.

One source close to the deal said China Railway...

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