CNBM becomes third major HK IPO to price at top end

Building materials producer sees full clawback after heavy retail demand.
China National Building Materials has raised HK$1.80 billion $232 million from its IPO after strong investor interest allowed it to fix the price at the top end of the range.

Some investors were attracted to the offering because of the projected growth in the mainland construction industry, which the company is in a good position to tap into given its diverse range of building materials, including cement, while others focused simply on CNBMÆs cheaper valuation compared with Hong Kong listed Anhui Conch-Cement.

A stabilization of the H-share market in Hong Kong, which was under pressure due to widespread profit taking at the beginning of the insitutional roadshow, also helped, market watchers said.

Either...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222