Chinese IPOs

Sinohydro lowers Shanghai IPO target to $2.3 billion

China’s largest builder of dams is offering 3 billion new shares instead of the 3.5 billion it originally planned to sell.
<div style="text-align:left;">
The Three Gorges dam (AFP) </div>
<div style="text-align:left;"> The Three Gorges dam (AFP) </div>

Sinohydro Corp, China's largest builder of dams, has set the offering price range for a Shanghai initial public offering that could allow the company to raise up to Rmb14.4 billion $2.3 billion.

The maximum deal size has been reduced from an earlier target of $2.7 billion, suggesting that the issuer is concerned about the current market turbulence. However, even after the reduction, the deal could be the biggest A-share IPO since China Everbright Bank’s $3.2 billion share sale last August.

Sinohydro is now offering to sell 3 billion renminbi-denominated shares, down from 3.5 billion initially, at between Rmb4.50 and Rmb4.80 apiece, the company said in a...

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