Report: Air China IPO to raise $1.1 billion

Report: Air China IPO to raise $1.1 billion    Air China, one of the largest Chinese airlines, plans to raise between $850 million and $1.1 billion in an international public offering, wire services reported Wednesday.
   Beijing-based Air China will reportedly offer some 2.81 billion shares at HK$2.35-$3.10 each, representing 31 percent of its equity, giving the airline a market value of $2.7 billion to $3.6 billion.
   “Air China is luring investors by citing a surge in demand for air travel and airfreight in China, boosted by the country’s average 9 percent annual economic growth during the past decade,” Bloomberg reported.
   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.
   China Southern Airlines and China Eastern Airlines, two mainland competitors of Air China, are already listed on the New York and Hong Kong stock exchanges.