China's top port builder, China Communications Construction Co., plans to raise up to US$2.1 billion in an IPO after setting a price range of HK$3.4-HK$4.6 per share for a December listing in Hong Kong, a source familiar with the deal said on Monday.The state-owned company, which will kick off a formal marketing roadshow on Nov. 28, is offering 3.5 billion shares at a price range representing 13 to 18 times its 2006 prospective price to earnings multiple.CCCC business includes infrastructure design and construction to dredging and port machinery manufacturing, and it plans to expand its buiness to new engines, including railway construction and heavy marine machinery manufacturing.
The retail portion of its Hong Kong offering will run from Dec. 1 to Dec. 6, with final pricing on Dec.9 and a trading debut set for Dec. 15.The company plans to earmark $240 million worth in shares to three investors, including China Life Group, New World Development (0017.HK: Quote, Profile, Research) chairman Cheng Yu-tung and Singapore's GIC Direct Investments, sources told Reuters on Friday.The offering is being sponsored by UBS (UBSN.VX: Quote, Profile, Research), Merrill Lynch (MER.N: Quote, Profile, Research) and BOC International.