Asia Cement rises 62 pct in Hong Kong IPO debut

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HONG KONG, May 20 (Reuters) - Shares in Asia Cement (China) Holdings Corp (0743.HK) were set to open up 62 percent in their market debut on Tuesday after the company raised $238 million in a Hong Kong initial public offering.

Shares in Asia Cement, which is a mainland Chinese arm of Taiwan's Asia Cement Corp (1102.TW), were indicated at HK$8 in pre-market trade, compared with an IPO price of HK$4.95 per share, which was near the bottom of its indicated range.

Asia Cement sold 375 million shares, or 25 percent of its enlarged share capital, in a deal handled by BNP Paribas (BNPP.PA) and ABN Amro.

(US$1=HK$7.8)

(Reporting by Kennix Chim; Editing by Anne Marie Roantree)