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.
The unit of Sinopec Group and China Galaxy Securities kick-start the city’s muted IPO market. Sinopec Engineering’s deal would be the biggest in Hong Kong this year.
The Chinese engineering company, which has signed up three cornerstone investors for a combined $50 million, seeks to raise up to $273 million from the offering.