SHANGHAI Petrochemical Company was 1.77 times subscribed after a nail-biting 10-day subscription period in which the $2.9 billion issue came under a barrage of criticism.
In a statement issued last night, company chairman Wang Jiming said the issue's global co-ordinator, Merrill Lynch, along with Peregrine Capital, a sponsor and lead manager, had each taken up 222.8 million shares.
The two merchant banks had taken up a total of 445.6 million shares, representing an aggregate 0.53 times the Hongkong offering.
The Hongkong offering is equivalent to 840 million H shares in an offer of 1.68 billion, the remainder of which formed a separate global issue to international investors.
''The Hongkong offering would have been subscribed by 1.24 times without the applications from Merrill Lynch and Peregrine Capital,'' Mr Wang said.
The H shares are expected to be listed on the Hongkong Stock Exchange while the remainder, in American depositary receipts, will be listed on the New York Stock Exchange and quoted on SEAQ International.