HONG KONG (Reuters) - The engineering unit of China’s Sinopec Group, Asia’s largest refiner, narrowed the indicative price range on its up to $1.88 billion initial public offering, IFR reported on Wednesday, citing sources familiar with the plans.
Sinopec Engineering (Group) Co Ltd, as the unit is called, changed the range to HK$10.5-11 per share (2386.HK), said IFR, a Thomson Reuters publication. The company launched the deal on May 6 with an indicative range of HK$9.80 to HK$13.10 per share.
Sinopec Engineering is offering 1.33 billion new shares in the offering.
At the narrower range, the IPO will be worth as much as $1.88 billion, down from up to $2.24 billion in the broader range. The final pricing will be determined after books are closed on Thursday.
Reporting by Fiona Lau and Jing Song of IFR; Writing by Elzio Barreto; Editing by Matt Driskill