CICC slashes IPO size by 28%

The Chinese investment bank's final valuation range is a far cry from its initial billion-dollar ambitions.
CICC's headquarters in Beijing
CICC's headquarters in Beijing

China International Capital Corp, the country’s first joint venture investment bank, could end up raising 28% less than what it has targeted in its long awaited initial public offering in Hong Kong, after finalising details for the sale late Friday.

One source told FinanceAsia the investment bank is set to raise a minimum of HK$5.6 billion $719 million from the share sale based on an indicative price range of HK$9.12 HK$10.28 per share, implying a 28% cut over its initial fundraising target of $1 billion.

At the highest end of the price range CICC could raise $811 million.

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