Construction Equipment: China State Construction Engineering Corp. Raises $7.3 Billion

Construction equipment: MSloane Consulting learned that China State Construction Engineering Corp. is China's largest housing contractor and will sell as many as 12 billion shares at 3.96 yuan to 4.18 yuan each. The sale of a 40 percent stake brings the value of State Construction at as much as 125.5 billion yuan.

China State Construction Engineering Corp. is raising 50.2 billion yuan ($7.3 billion) in the world’s biggest initial public offering since 2008.

State Construction’s IPO is almost 28 times larger than the second-biggest sale in mainland China this year, testing a rally that’s pushed the benchmark Shanghai Composite 80 percent higher since Dec. 31. The company, led by Chairman Sun Wenjie, plans to use proceeds to expand in residential construction, as a surge in bank lending drives a pickup in the housing market.