Sinopec to increase IPO float

The combined impact of strong pre-marketing feedback and growing numbers of strategic and corporate investors is likely to lead to an increase in the size of Sinopec''s IPO.

China's largest oil refiner is now said to be hoping to raise up to $3.5 billion from the offering which begins roadshows in Hong Kong on Monday. Initially, the company had indicated that it was targeting $2.5 billion to $3 billion in proceeds, but specialists say that it has now decided to be more accommodating to international investors who were in danger of being cut out altogether.

With Morgan Stanley Dean Witter and China International Capital Corp CICC as global co-ordinators, the company will continue presentations in Europe later in the week, moving to the US the week after. Pricing is currently scheduled for October 12, with the dual New York and Hong...

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