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Water Cube Builder Aims for Record Setting IPO

China’s largest housing contractor, which is probably best known in the U.S. for the construction of the “Water Cube” swimming complex where Michael Phelps won a record number of Gold Medals at last summer’s Beijing Oympics, hopes to raise $7.3 billion with its IPO on the Shanghai Stock Exchange.

China State Construction Engineering Corporation filed its plans to sell a 40% stake in the company with 12 billion shares priced at 3.96 to 4.18 yuan, $0.58 to $0.61, yesterday with the Shanghai Stock Exchange – valuing the entire company at approximately $18.4 billion.

If interest remains strong the IPO will dwarf the world’s biggest IPO thus far this year, the $4.27 billion listing by Brazil’s VisaNet. It would also be the biggest IPO since March 2008 when Visa [[V]] raised $19.7 billion.

China State Construction plans to use the new capital to fund infrastructure and housing projects.

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