CSCEC sets IPO record

Premium Content

27 July 2009

China State Construction & Engineering Corp (CSCEC) has raised CNY 50.2 billion (US$ 7.34 billion) through an initial public offering (IPO) of 40% of its shares. The listing on the Shanghai stock exchange is thought to be the largest anywhere in the world this year.

The company, which is still majority-owned by the Chinese state, sold 12 billion shares at CNY 4.18 (US$ 0.61) each, the top of the pre-floatation price range. Demand for shares was reported to be more than 35 times over-subscribed.

With sales last year of CNY 202 billion (US$ 29.6 billion) and an operating profit of CNY 6.7 billion (US$ 981 million), the floatation values CSCEC at 18.7 times profit.

Shares in CSCEC are due to begin trading on Wednesday.

Latest News
New head of KHL’s Content Studio discusses how people make decisions on what to buy
Jon Abrahams describes why industry stalwarts and disruptors alike should consider adding content marketing to their business strategies