China Tianrui Cement raises $124 million from Hong Kong IPO

China Tianrui Group Cement, a leading clinker and cement producer in China’s Henan and Liaoning provinces, yesterday priced its Hong Kong initial public offering at the bottom of the range at HK$2.41 a share for a total deal size of HK$966.2 million $124 million. If the 15% greenshoe is exercised in full, the offering could increase to as much as $143 million.

The deal was about 1.5 times covered and most of the allocation went to about 25 to 30 institutional and corporate investors, a source said. The buyers were all long-only type accounts from China and Hong Kong, including some alternative asset funds, QDII qualified domestic...