China National IPO share price at top range

SHANGHAI: Building company China National Chemical Engineering Co said yesterday it priced its Shanghai A share initial public offering at 5.43 yuan a share, at the top of an indicated range, raising 6.7 billion yuan (US$980mil).

China National Chemical, whose competitors include China State Construction Engineering Corp and Metallurgical Corp of China, is selling 1.233 billion A shares denominated in yuan, or 25% of its expanded capital after the IPO.