Sinopec Engineering launches Hong Kong IPO of up to $2.2 billion

Sinopec Engineering Group has started the management roadshow and bookbuilding for its Hong Kong initial public offering, aiming to raise between HK$13 billion and HK$17.4 billion $1.7 billion to $2.2 billion.

Sinopec Engineering is a spinoff from state-owned oil and gas major China Petrochemical Corp Sinopec Group, and is the biggest oil refining, petrochemical and new coal chemical engineering company in China.

After months of little activity in the city’s IPO market on the back of volatile global markets, Sinopec Engineering and China Galaxy Securities, which is aiming to raise up to $1.4 billion, broke the silence and launched their respective IP...