West China Cement raises US$179m in HK IPO -sources

West China Cement raises US$179m in HK IPO -sources
Published: 16 August 2010

Chinese cement producer West China Cement Ltd raised US$179m after pricing its Hong Kong initial public offering at top of an indicated range, sources familiar with the deal said on Monday.

West China Cement, the second-largest cement producer by production capacity in Shaanxi province in 2009, sold 823.1m shares at HK$1.69 (US$0.21) each, compared with an indicative range of HK$1.21 to HK$1.69, the sources said.

The institutional portion of the deal was 10 to 15 times covered while Hong Kong the retail portion was about 136 times covered, one of the sources said.

The company, which plans to delist from London’s Alternative Investment Market, is due to make its trading debut in Hong Kong on Aug. 23, under the symbol "2233" .