China CNR IPO could raise up to $1.42 billion

China CNR Corp Ltd, the country's second-largest train maker, published its Hong Kong initial public offering plan and opened subscriptions on Monday. The IPO is expected to raise as much as HK$11 billion ($1.42 billion).

The Beijing-headquartered company plans to sell 1.82 billion shares globally with 182.12 million offered in Hong Kong. The subscription price is from HK$5 to HK$6.20 per share.

Subscriptions close on May 15 and trade is expected to start on May 22. UBS AG, China International Capital Corp Ltd and Macquarie Group Ltd are joint managers of the offering.