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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