CSCEC Gets It IPO Away With Ease

China State Construction Engineering Corp. (CSCEC) got its IPO out at 4.18 yuan a share, top of the indicated range, and raising 50 billion yuan ($7.3 billion) for 40% of the A-shares. That values  the company at 125 billion yuan, or 51.3 times earnings on a fully diluted basis. With the offering oversubscribed 35 times, this Bystander still thinks this a rich price with bubbly undertones.

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