China State Construction Engineering, in the world's largest initial public offering in more than a year, saw its shares surge as much as 90 per cent to Rmb7.96 as it started trading in Shanghai on Wednesday.
Raising Rmb50.2bn (US$7.3bn), the sheer size of the listing made it an important test for the Shanghai market. It was the largest in mainland China since PetroChina's debut in 2007, which marked the peak of the Chinese market. It was also the largest listing worldwide since Visa raised more than $19bn in March last year.
Mainland China has seen a flurry of IPOs this month following a nine-month listing suspension and so far, appetite for new shares has been overwhelming.
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