China Communications Construction Company Ltd. went public on Friday in Hong Kong, raising 2.07 billion U.S. dollars.

The company's share price opened at 7.78 HK dollars (about 1.0 U.S. dollar) in the morning session, up 69.1 percent on the initial offer price of 4.60 HK dollars.

The company issued 3.5 billion H-shares in the initial public offering (IPO), accounting for 24.5 percent of the company's total shares.

The initial offer price was between 3.40 to 4.60 HK dollars, but the final price was set at the upper end of the range due to the 179 billion U.S. dollars of underwriting.

The shares available to international investors were oversubscribed by 110 times and those to the Hong Kong market oversubscribed by 220 times.

The company said it may exercise its over-allotment option and issue 15 percent more of all the shares issued in the initial public offering. That is expected to bring the total amount of money raised to 2.4 billion U.S. dollars, according to the company.

The state-owned China Communications Construction Company Ltd. is the largest harbor construction and design company in China and the largest manufacturer of container cranes in the world.

Source: Xinhua