China Energy Engineering Corp IPO

[winston]

China Energy Engineering Corporation, a state-owned builder of power plants, saw 20 cornerstone investors, including China's Silk Road Fund, subscribe to 60 percent of its HK$15.6 billion billion initial public offering .

The Beijing-based company will start bookbuilding on Friday, offering shares at HK$1.59 to HK$1.73 apiece, or an entry fee of HK$3494.87 for one board lot of 2,000 shares.

Existing shareholder National Council for Social Security Fund will sell 9.1 percent of shares in the deal.

The Silk Road Fund agreed to buy US$300 million (HK$2.34 billion) of stock in the IPO, while State Grid Corp of China will invest US$200 million.

China General Nuclear Power committed US$50 million, while General Electric will invest US$15 million.

China Energy Engineering will start trading on December 10.

Source: the Standard