Recently listed red chip China Telecom (Hong Kong) (CTHK) has netted another $1.94 billion from the issue of added shares under the over-allotment option for its global offering.
Another 170.7 million shares were issued at $11.80 each (less underwriting discount), bringing the total offering size to $32.69 billion.
Even before the issue of extra shares, the flotation size of the window company of the Ministry of Posts and Telecommunications was already the largest in Asia outside Japan.
Joint global co-ordinators and bookrunners for the global offering, Goldman Sachs (Asia) and China International Capital Corp, said they had exercised their option to issue the extra shares to cover the over-allotments in the global offering.
The latest batch of shares issued represent about 44 per cent of the 390 million shares that could be issued under the over-allotment option granted to the underwriters in the global offering.
CTHK, which has been one of the most actively traded stocks, has been tipped by market observers as a Hang Seng Index constituent stock in a few years.
