Steelmaker Xiwang kicks off roadshow for Hong Kong IPO

The Chinese steelmaker aims to raise as much as $217 million through its offering, at a price range that is seen at a discount to its major comparables.
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Steelworkers attend an electric arc furnace in China (ImagineChina)
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<div style="text-align: left;"> Steelworkers attend an electric arc furnace in China (ImagineChina) </div>

Xiwang Special Steel yesterday launched the institutional roadshow for an initial public offering of between $171 million and $217 million, a deal that will be one of the first major IPOs in Hong Kong this year.

With the Chinese New Year holidays in late January out of the way, IPO activity is expected to pick up in Hong Kong the world’s busiest market for new listings in 2011 for the third year in a row.

Although analysts expect markets will remain volatile for some time, global markets have been cheered by encouraging signs of a recovery in the US economy. Data released on Friday showed that...

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