China Tianrui Cement raises $124 million from Hong Kong IPO

The Chinese cement producer prices at the bottom as Hong Kong remains on course to become the top global destination for new listings in 2011.
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Demand for cement is growing as China continues to build new infrastructure
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<div style="text-align: left;"> Demand for cement is growing as China continues to build new infrastructure </div>

China Tianrui Group Cement, a leading clinker and cement producer in China’s Henan and Liaoning provinces, yesterday priced its Hong Kong initial public offering at the bottom of the range at HK$2.41 a share for a total deal size of HK$966.2 million $124 million. If the 15% greenshoe is exercised in full, the offering could increase to as much as $143 million.

The deal was about 1.5 times covered and most of the allocation went to about 25 to 30 institutional and corporate investors, a source said. The buyers were all long-only type accounts from China and Hong Kong, including some alternative asset funds, QDII qualified domestic...

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