China Railway Construction Corp., the state-owned railroad builder, is seeking to raise up to US$5.44 billion ahead of Hong Kong and Shanghai listings, making it the world's biggest initial public offering so far this year.
At the top end of the price ranges, the IPO will beat India-based Reliance Power Ltd.'s US$2.92 billion IPO last month, and the US$1.23 billion IPO by PETRORabigh, a joint venture between Saudi state oil company Saudi Aramco and Sumitomo Chemical Co., according to Thomson Financial.
China Railway Construction is raising up to US$2.33 billion from the sale of 1.7 billion Class H shares at an indicative price range of between 9.93 Hong Kong dollars (US$1.27) and HK$10.70 a share, according to a term sheet seen by Dow Jones Newswires Monday. It plans to list in Hong Kong on Mar. 14.
In other IPO news, read about Visa's claim that it can raise almost $19 billion from an initial public offering, which would easily become the largest IPO in U.S. history.