Sinohydro, China’s largest builder of dams, has raised Rmb13.5 billion $2.1 billion from its Shanghai initial public offering after fixing the price at the bottom of the indicated range. The gross proceeds are 22% below the company's original $2.7 billion target.
The offering is further indication that the once sizzling primary markets in Shanghai and Hong Kong have gone cold. Several issuers have cancelled their listing plans in the past 10 days and those that have succeeded have had to sell shares at the lower end of the price range. Aftermarket trading has also generally been poor.
On Wednesday, Citic Securities, China's largest publicly...
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