Sinopec Engineering prices Hong Kong’s biggest IPO this year

The Sinopec unit prices its offering towards the low end of the range to raise $1.8 billion. Retail investors are allocated 7.5% as strong demand triggers a clawback.
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Sinopec is China’s biggest oil refiner
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<div style="text-align: left;"> Sinopec is China’s biggest oil refiner </div>

Sinopec Engineering Group has raised HK$13.9 billion $1.8 billion from its Hong Kong initial public offering after fixing the price at HK$10.50 per share early Thursday morning last week, sources say.

The engineering and construction arm of China’s biggest oil refiner initially offered the shares at a price between HK$9.80 and HK$13.10 for a deal size of $1.7 billion to $2.2 billion. But on the final day of the bookbuilding, bankers told investors that the price would be fixed below the mid-point, in a narrower range between HK$10.50 and HK$11.

Demand from retail investors was strong enough to trigger a clawback,...

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