Air China’s IPO oversubscribed 82 times

Air China’s IPO oversubscribed 82 times    The initial public offering on the Hong Kong stock exchange of Air China, the biggest Chinese airline, was oversubscribed 82 times, as investors sought to capitalize on the expected growth of China’s airline business.
   Air China said investors applied for a total of 23 billion Hong Kong offer shares, when it had offered to sell 281 million.
   The airline has arranged a dual IPO on the Hong Kong and London stock exchanges.
   The offer price has been set at HK$2.98 per share, at the higher end of the proposed range of HK$2.35-$3.10, according to wire services. The IPO is expected to have raised $1.1 billion.
   Air China is the biggest and last major Chinese airline to join the stock market, following its rivals China Southern and China Eastern.
   The Hong Kong Stock Exchange said Monday it has approved the listing of Air China. Trading in its H shares will commence Wednesday morning on both the Hong Kong and London stock exchanges.
   Air China was the world’s 28th-largest international cargo carrier in 2003 when measured in ton-kilometers flown, according to the International Air Transport Association.