China Machinery Engineering Corporation, a state-owned international engineering contractor, kicked off a four-day roadshow yesterday for an initial public offering that is targeting to raise between HK$2.94 billion and HK$3.88 billion $380 million to $500 million. The stock is scheduled to start trading in Hong Kong on December 21.
Because of the tough environment for new listings in Hong Kong this year, China Machinery launched its offering with solid demand visibility. The deal, including a 15% greenshoe, is already covered thanks to cornerstone investors and large anchor orders, a source said yesterday.
Five cornerstone investors are taking a total of $165 million worth...
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