A state-backed Chinese maker of construction materials on Monday began marketing a Hong Kong share sale that could be worth up to a larger-than-expected US $218 million, according to a deal term sheet.
Beijing-based China National Building Materials Co Ltd, which makes materials such as cement and gypsum boards, was selling about 654.2 million shares at HK$2.00 to HK$2.60 each in an initial public offering sponsored by Morgan Stanley, the document showed.
The company, which is selling 33 percent of its enlarged share capital, is set to make its market debut on March 23 under the Hong Kong stock symbol 3323.
Its fund-raising target of US $167.7 million to $218 million is larger than the roughly US $150 million that had been expected previously.
Hong Kong investors have proven voracious buyers of certain IPOs. Nine Dragons Paper (Holdings) Ltd, which jumped 40 percent in its debut last Friday, attracted orders for 578 times the shares initially offered to Hong Kong retail investors.
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