MCC prices H-share IPO below mid-point to raise $2.35 billion

Metallurgical Corporation of China yesterday priced the H-share portion of its dual-listing initial public offering below the mid-point at HK$6.35 per share for a total deal size of HK$18.23 billion $2.35 billion. Together with the earlier priced A-share portion, the company raised a total of $5.15 billion, which makes it the second largest listing in the world this year after China State Construction Engineering's $7.34 billion A-share IPO in July.

It is also the largest Hong Kong IPO since China Railway Construction Corp's $2.55 billion initial share sale in March 2008.

Sources said the institutional portion of the H-share offering was more than 10 times covered before a clawback, and noted that...