Cheung Kong Infrastructure (CKI), the soon-to-be listed infrastructure arm of Cheung Kong (Holdings), has revealed its new share issue may be priced between $11 and $12.65 each. This would represent a discount of 5-15 per cent of CKI's net asset value, company executives told analysts yesterday. The price is expected to be finalised on July 1, after the global placement closes on June 28. CKI is to raise $3.48 billion through the sale of 22.5-25 per cent of its enlarged issue share capital to global and local investors. According to CKI, 90 per cent of the new issue, excluding the greenshoe, will be placed with international investors with the remainder offered to the Hong Kong public. A greenshoe is a clause in an underwriting agreement that, in the event of exceptional public demand, the issuer will authorise additional shares for distribution by the syndicate. The initial public offering is expected to be launched between July 4 and July 9, with shares due to begin trading on July 17. CKI expects its net profits this year to be not less than $728 million and intends to recommend a final dividend for the year to December of not less than eight cents per share, payable in or about May next year. The pricing has been described by some analysts as reasonable. They expect the issue will attract the interest of investors who believe shares of New World Development's mainland infrastructure arm, New World Infrastructure (NWI), are expensive.