China Telecom: by hook or by crook

Provisional allocations suggest that China Telecom''s IPO may not have been quite the disaster it has been portrayed.

Having been forced to cut the size of China Telecom's proposed New York and Hong Kong Stock Exchange listing, lead managers CICC, Merrill Lynch and Morgan Stanley priced a 7.556 billion share offering after US trading hours on Wednesday. The revised deal was 55% smaller than originally intended and raised $1.437 billion after being priced at HK$1.48 per share, the bottom end of a HK$1.48 to HK$1.71 price range.

However, early indications show that the final institutional order book was marginally bigger than last Thursday when the deal was postponed because the leads could not close it within the size and price range allowed under US and Chinese securities laws....

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