China Netcom IPO raises $1.1B - Sets share price near
middle of range -reports
By Osamu Tsukimori, CBS MarketWatch.com
Nov. 9, 2004
TOKYO (CBS.MW) - China Netcom Group Corp., China's second-largest fixed-line
operator, on Wednesday priced its initial public offering near the middle of
its target range and raised $1.1 billion, according to published reports.
China Netcom (HK:906) (CN) priced the shares at HK$8.48 ($1.09) a share,
compared with the target price range of HK$7.88 to HK$9 a share.
Each American Depository share was priced at $21.82, reports said.
China Netcom plans to list in the U.S. on Nov. 16 and in Hong Kong the
following day.
The Hong Kong-based company said it has a dominant market position in
Beijing, which provides a base for further expanding corporate and
international businesses. See full story.
Citigroup (C) and Goldman Sachs (GS) and China International Capital are
main underwriters for the deal
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