Mainland oil giant's IPO three times subscribed

CNOOC, the mainland's third-largest oil firm, said its initial public offering in Hong Kong was about 3.17 times subscribed. The IPO price had been set at HK$5.95, excluding brokerage fee and stock exchange transaction levy. It had been priced at HK$6.01, all costs inclusive. CNOOC said its global offering shares had been 'well oversubscribed', but it did not disclose the exact subscription level. Earlier, it was reported that the international placement was about five times subscribed. Trading on Hong Kong's main board will begin tomorrow.