China Tianrui Group Cement Co, in which US private equity company Kohlberg Kravis Roberts & Co has a minority stake, has raised US$124m in a Hong Kong initial public offering after pricing its deal at the bottom of the indicative price range, a person familiar with the situation said Monday.

The Henan-based cement company sold 400.9 million shares at HK$2.41 each, the source said. The deal’s indicative price range was HK$2.41-HK$3.61.

The company is scheduled to list on the Hong Kong stock exchange on Friday.
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