State-owned China Railway Signal & Communication Corp. began taking orders for its up to USD 1.8 billion initial public offering in Hong Kong, but the rail-signal maker has already sold more than half the float to cornerstone investors, the Wall Street Journal reports.
In the first big IPO since China’s market rout last month, the Beijing-based company has secured USD 971 million of investment, or around 54%, from 16 cornerstone investors, who agreed to buy and hold the shares for six months, according to a term sheet seen by The Wall Street Journal.
China Railway Signal is selling 1.75 billion new shares, or 20% of its enlarged share capital.
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