China Railway Construction Corp raised HK$18.2 billion from a Hong Kong initial public offering by pricing the shares at the top end after the deal drew an overwhelming response, market sources said.
The company fixed the offer price at HK$10.70 each, according to a source close to the deal.
More than 800,000 applications were filed by retail investors who placed a record of HK$540 billion worth of orders, making it the most popular offering in the city.
The retail tranche was 290 times overbooked, while the institutional portion was about 40 times covered, with orders worth HK$660 billion.
That beat the previous record for a Hong Kong initial public offering - HK$447 billion in retail orders for Alibaba.com in November last year.
China Railway Construction has lifted the retail portion to 25 per cent from 10 per cent of the total offering to meet demand.
The listing candidate offered the shares at a range of between HK$9.93 and HK$10.70 per share, representing a price-earnings ratio of 26.62 to 28.67 times earnings for this year.
The firm raised 22 billion yuan (HK$24.13 billion) by selling 2.45 billion new A shares at 9.08 yuan each.
Citi, Citic Securities International and Macquarie Capital are sponsoring the offering. Trading in Shanghai will begin on Monday, and the Hong Kong debut will be on Thursday.