China Power IPO raises US$320 million

Hong Kong-based China Power International Development raised US$320.6 million in an initial public offering to raise funds to triple its mainland generating capacity. The IPO saw the generator price its shares at a discount to rivals and sell a stake to Singapore's state-run investment company, Temasek Holdings. Between them, Temasek and Hong Kong's Henderson Property tycoon Lee Shau-kee committed to buy about 18% of the offer.