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CNOOC Four Times Oversubscribed in Hong Kong
An underwriter source said Wednesday afternoon that China National Offshore Oil Co., Ltd. (CNOOC), the third largest oil exploiter in the mainland (CNOOC Ltd.), was four times oversubscribed in its public offering in Hong Kong.
CNOOC is now making global offering in a bid to raise US$1 billion to US$ 1.4 billion.
The price of shares to be placed to institutional investors is set at HK$5.19 to HK$ 6.47 per share, while that to retail investors at HK$5.14 to HK$ 6.47.
The total shares to be issued account for 27.5 percent of the total stock capital of the company.
It is estimated the total market value of the shares after listing will be not less than US$5.27 billion.
The total amount of subscription from Hong Kong retail investors is about US$240 million, while the amount of shares available for subscription is about US$ 60 million.
The deadline for the subscription by institutional investors is Wednesday midnight (Hong Kong time).
The lead handlers Merrill Lynch, Credit Suisse First Boston and BOC International will announce the final offering price at GMT22:00 Wednesday in New York.
CNOOC will get listed in New York and Hong Kong on Feb 27 and Feb 28,respectively.
Source: Panorama
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