State-owned China Power International Development Ltd said its initial public offering was increased by 15%, to HK$2.88 billion (US$369 million), after bookrunner Merrill Lynch exercised an over-allotment, or greenshoe, option, requiring the company to issue 148.5 million more shares at the same offer price. The company listed in Hong Kong October 15. China Power, whose chief executive is Li Xiaolin, the daughter of ex Premier Li Peng, sold a total of 1.14 billion shares. The company said the funds raised would be used for acquisitions and other purposes.
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