China Metallurgical aims high with $2.5bn IPO
Metallurgical Corp of China opened the books on Monday on Hong Kong's biggest initial public offering of the year, setting an aggressive price range that values the deal at as much as $2.5bn.
MCC is to sell 2.87bn H-shares at HK$6.16-HK$6.81 a share in a deal that values the company at 16.4 to 18.1 times 2010 earnings, based on the median of earnings forecasts by the four bookrunners CICC, Citi, Citic and Morgan Stanley.
That is a slight premium to MCCs
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