Eastern Communications Co

The Eastern Communications Co B-share sale was barely subscribed with the price set at 80 US cents a share - the middle of the tentative range, underwriters say.

An official with lead underwriter Peregrine Capital said investors applied for 1.53 times the 100 million shares offered by the mobile-telephone maker.

The issue will be sold on a prospective 7.5 times this year's earnings on a fully diluted basis.

The Hangzhou-based company, is offering 29.41 per cent of its shares in the sale. Listing is expected next month, which will see the company becoming Shanghai's biggest capitalised B stock.