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HONG KONG: Beijing Building Material Group, the largest cement maker in North China, said yesterday it raised $768 million in its Hong Kong initial public offering, making it the second most popular IPO this year.

BBMG is selling 933 million shares. The IPO price, at HK$6.38, was at the top end of an indicative range between HK$5.18 and HK$6.38 per share.

JPMorgan, Macquarie and UBS are joint underwriters.

The shares are to start trading on July 29. The market expects the stock to open at least 25 percentage points higher than its offering price at its trading debut.

Market sources said the shares are 770 times oversubscribed while the retail tranche was scaled up to 50 percent from 10 percent, making it one of the most popular IPO's behind Amber Energy, which was 1,247 times oversubscribed when it raised much smaller proceeds of HK$166 million.

In raising $768 million, the state-owned BBMG becomes the second largest IPO in Hong Kong this year after China Zhongwang Holdings, an aluminum extrusion products producer, which raised $1.26 billion in April.

In the meantime, BBMG is making further expansion in the North China market. It bought a 60.64 percent stake in state-owned Zhenxing Cement, the largest cement maker in Tianjin.

Analysts said the acquisition by BBMG aims to command a larger market share as the company has vowed to be the largest cement maker in North China.

The company plans to expand its production capacity of cement and commodity concrete to 30 million tons and 5 million cubic meters by 2010.

BBMG engaged in building materials but has also developed into property development, investment and management.

The heavy demand on BBMG epitomizes investor fever in Hong Kong's IPO market, which is forecast to record a fivefold increase in the second half of 2009.

Industrials will dominate the new listings in terms of numbers, with 50 percent of IPOs falling into the sector, according to a research note by PwC.

(HK Edition 07/24/2009 page3)