South Locomotive may price shares at top end

PUBLISHED : Thursday, 14 August, 2008, 12:00am
UPDATED : Thursday, 14 August, 2008, 12:00am

China South Locomotive & Rolling Stock Corp, the latest stock offering seeking to raise HK$4.42 billion, may price its shares at the high end after orders for the retail and institutional tranches are about 20 times and 10 times oversubscribed, respectively, sources say. The train maker is offering 1.6 billion H shares at HK$2.49 to HK$2.76 each. Trading is due to start on August 21. The firm last week said it had drawn 2.27 trillion yuan (HK$2.58 trillion) worth of orders for its A-share offer. It priced its shares at 2.18 yuan each to raise 6.54 billion yuan. Trading will start in Shanghai on August 18.