China Machinery Engineering Corporation, a state-owned international engineering contractor, has raised HK$3.88 billion $500 million from its initial public offering, after fixing the price at the top of the indicative range. The stock is scheduled to start trading in Hong Kong this Friday.
Unlike many other Hong Kong IPOs this year, China Machinery attracted huge interest from local retail investors. According to a source, the retail portion was about 57 times oversubscribed, which means retail investors committed about $2.9 billion to buy shares almost as much as the $3.1 billion they spent buying shares in PICC Group’s much larger IPO a couple of weeks earlier.
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