China Natl Chem prices Shanghai IPO at top of range

SHANGHAI Dec 29 (Reuters) - Building company China National Chemical Engineering Co said on Tuesday it priced its Shanghai A-share initial public offering at 5.43 yuan a share, at the top of an indicated range, raising 6.7 billion yuan ($980 million).

China National Chemical (601117.SS), whose competitors include China State Construction Engineering Corp (601668.SS) and Metallurgical Corp of China (601618.SS)(1618.HK), is selling 1.233 billion A shares denominated in yuan CNY=CFXS, or 25 percent of its expanded capital after the IPO.

It had previously set a price range for the IPO of 4.90-5.43 yuan, saying it needed funds to supplement working capital, buy production equipment and build an information network.

Mainland companies typically price their IPOs at or near the top of the indicated range due mainly to strong investor interest in new shares. ($1=6.83 Yuan) (Reporting by Lu Jianxin and Edmund Klamann; Editing by Tim Dobbyn)