Shenhua plays it safe with IPO

Shenhua Energy raised $2.95 billion yesterday (June 8) from a 3.063 billion share offering priced at HK$7.50 per share. This represented the bottom quarter of an IPO range of HK$7.25 to HK$9.25 per share, although specialists say the leads had only ever really been realistically talking to accounts on a range of HK$7.25 to HK$8.25.