crcc-completes-worlds-largest-ipo-this-year

CRCC completes world's largest IPO this year

The construction company writes history as the most popular Hong Kong IPO with retail investors ever, drawing strong demand for its $2.3 billion H-share offering.

By Anette Jönsson

March 06, 2008

China Railway Construction Corporation CRCC has raised HK$18.3 billion $2.3 billion from the H-share portion of its initial public offering after fixing the price at the top of the offering range at HK$10.70. The move was widely expected after the offer drew strong demand from investors wanting a part of the China infrastructure story.

The strong performance of its two main Hong Kong-listed comparables û China Communications Construction Co CCCC and China Railway Group û since they came to market in December 2006 and December 2007 is likely to have added to the enthusiasm.

Having already pocketed the maximum from the A-share portion a week earlier, CRCC became the first listing candidate globally...

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