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China COSCO Shanghai IPO More Than 100 Times Subscribed

The Shanghai initial public offering of China COSCO Holdings, the flagship of China's premier shipping group, attracted massive demand and was over 100 times subscribed, the company said on Wednesday.

The A shares were priced at the top of an indicative range of 7.60 to 8.48 yuan, but were still at a sharp discount to the HK$10.88 last traded price of the company's Hong Kong-listed H shares.

China COSCO raised 15.1 billion yuan ($2 billion) by selling 1.784 billion A shares, or 20% of its expanded share capital.

Thirty percent of the shares went to strategic investors, 20% to institutions and 50% to retail investors after the retail portion of the offer was expanded because of the strong demand.