Rail corp. eyes US$3.1 billion Shanghai IPO
Monday, February 25, 2008
By Bei Hu, Bloomberg
HONG KONG -- China Railway Construction Corp., builder of more than half of the nation's rail links since 1949, may raise 22.25 billion yuan (US$3.1 billion) in a Shanghai initial public offering, said two people familiar with the sale.
The Beijing-based company plans to sell as many as 2.45 billion yuan-denominated shares at 8 yuan to 9.08 yuan apiece, said the people, who declined to be identified before the information is publicly announced tonight.
The builder of Shanghai's high-speed "maglev" line, the world's first commercial magnetic-levitation rail link, cut the maximum number of Shanghai shares it will sell from 2.8 billion shares previously announced, the people said.
Citic Securities Co. is arranging the Shanghai sale.
Li Tingzhu, China Railway's board secretary, and Raymond Tang, a Citic Securities spokesman, couldn't be reached in their Beijing offices.
