China's top port builder raises $2.1 billion in IPO

China Communications Construction Co (CCCC), the country's top ports builder, raised US $2.1 billion after pricing its Hong Kong initial public offering at the top end of an indicated range, sources familiar with the deal said on Saturday.
The firm, which is involved in infrastructure construction, design, dredging and port machinery manufacturing, sold 3.5 billion H shares, or 24.5 percent of its enlarged share capital, at HK$4.60 a share. That was the top end of an indicative price range of HK$3.40 to HK$4.60 per share. The retail public offering portion, representing 5 percent of the shares on offer, had been more than 200 times subscribed, a source said.
According to the listing documents, the amount of shares for the retail investors would be increased to 20 percent if the retail portion was oversubscribed by more than 100 times.