China Tianrui Group Cement, a company backed by buyout firm Kohlberg Kravis Roberts & Co., has raised USD124 million in an initial public offering in Hong Kong, it was reported. The company, based in Henan province in eastern China, priced roughly 401 million new shares at HKD2.41 each, putting the deal at HKD966.17 million (USD124.12 million), it was quoted.

China Tianrui Group Cement, a cement producer backed by private equity firm KKR, has raised USD124 million in one of the few remaining initial public offerings of the year in Hong Kong, it was reported on Tuesday, citing two sources with direct knowledge of the deal.

Tianrui, headquartered in Henan province in eastern China, priced 400.9 million new shares at HKD2.41 each, putting the deal at HKD966.17 million (USD124.12 million), a reported stated.  The sources were not authorised to speak publicly on the matter.

The deal was priced at the bottom of a HKD2.41-HKD3.61 indicative range, equivalent to a 2012 price-to-earnings of 2.39 times, it was reported.

Tianrui’s deal comes on the heels of several large IPOs in Hong Kong in the past weeks that were priced at or near the low end of expectations.

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