mcc-prices-hshare-ipo-below-midpoint-to-raise-235-billion

MCC prices H-share IPO below mid-point to raise $2.35 billion

Metallurgical Corp of China raises a combined $5.15 billion from dual A- and H-share IPO, making it the world's second largest listing this year. Meanwhile, China Lilang prices its IPO just below the top for a total deal size of $151 million.

Metallurgical Corporation of China yesterday priced the H-share portion of its dual-listing initial public offering below the mid-point at HK$6.35 per share for a total deal size of HK$18.23 billion $2.35 billion. Together with the earlier priced A-share portion, the company raised a total of $5.15 billion, which makes it the second largest listing in the world this year after China State Construction Engineering's $7.34 billion A-share IPO in July.

It is also the largest Hong Kong IPO since China Railway Construction Corp's $2.55 billion initial share sale in March 2008.

Sources said the institutional portion of the H-share offering was more than 10 times covered before a clawback, and noted that...

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