That the IPO of CNOOC Ltd 883, the Hong Kong-incorporated subsidiary of Chinas third largest state-owned oil giant China National Offshore Oil Corp, has got off the ground 17 months after its first attempt failed, isnt simply because its always easier the second time around, but has more to do with the company settling with its bankers a more realistic valuation befitting of current market sentiment.
At HK$6.01 $0.77 a share, CNOOC raised about HK$7.98 billion in net proceeds, a more modest amount than the HK$19.4 billion it had aimed for in its earlier attempt that collapsed in October 1999. The IPO - of 1.64b...
