China Unicom ups price of IPO amid strong investor demand

Strong demand from investors in Asia and the US has prompted China Unicom to increase the price range for shares in its IPO, lifting the amount it could raise to $6 billion.

Toni Clarke

June 12, 2000

China Unicom has increased the indicative price range of shares in its forthcoming IPO by 10% to HK$13.80 to HK$16, following a successful roadshow in Asia and the US. The increase is the first time a big company has raised, rather than scaled back, the price of its shares in an IPO for many months. It suggests fund managers are more interested in the stock than they are prepared publicly to admit.

China Unicom, the mainland's second biggest telecommunications operator, plans to sell 86 million American depositary shares in the US and Canada, 73.8 million ADS in Europe and 73.8 million ADS in Asia. Each ADS will represent 10 underlying...

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