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China Unicom boosts IPO
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June 12, 2000: 1:40 p.m. ET
Telecom provider could raise $5.8B in one of largest Asia offerings ever
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NEW YORK (CNNfn) - China Unicom hopes to raise nearly $5.8 billion in one of the largest initial public offerings originating out of Asia, analysts said.
China Unicom, China's No. 2 telecommunications provider, increased the price range Monday of its IPO to $17.71-to-$20.53, from the originally filed 233.617 million American depositary receipts (ADRs) at $14.76-to-$18.61 each. Each ADR represents 10 ordinary shares. Morgan Stanley is lead underwriter on the deal.
The IPO includes a 368.87 million-share overallotment, Reuters reported Monday.
"Telecom is absolutely a hot sector globally," said Corey Ostman, co-chief executive of Alert-Ipo.com, a research Web site in Los Angeles. "A lot of sectors that are still stagnant in U.S. markets are doing well internationally."
China Unicom, of Beijing, provides telecommunications services in China. The deal is expected to begin trading June 21 on the New York Stock Exchange and June 22 in Hong Kong. The company's proposed symbol is CHU.
Avistar's $57.5M deal
Separately, Avistar Communications Corp. has filed to go public in a deal that it hopes will raise $57.5 million. The Redwood Shores, Calif.-based company provides a video communications system that it says lets businesses easily place video calls and watch broadcasts.
The company plans to use net proceeds to repay debt, to expand sales and marketing departments, for working capital and for general corporate purposes.
Chase H&Q is lead underwriter on the deal that is expected to trade on the Nasdaq under AVSR. 
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Avistar
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