The Wall Street Journal-20080215-China Railway Will Offer Shares
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China Railway Construction Corp. has received final approval from China's securities regulator for its initial public offering of Class A shares, and plans to raise as much as $5 billion from its Shanghai and Hong Kong share sales, a person familiar with the situation said yesterday.
The state-owned railroad builder had previously planned to raise from $3 billion to $4 billion.
The company next week will start marketing the sale of as many as 2.8 billion yuan-denominated A shares, or 25.93% of its enlarged share capital, the person said.
Road shows for the A-share initial public offering, scheduled for the end of last month, were canceled because of a delay in regulatory approval.
The person added that there shouldn't be any changes to the schedule of the company's H-share offer, which was set out earlier.
The document said the road show for the Hong Kong offering of about 1.7 billion Class H shares will start Feb. 25, and China Railway Construction shares will be listed on Hong Kong's exchange March 14.
China Railway Construction's main business is the construction of railroads and highways.
