CR Beverage Said Poised to Price $649 Million IPO Top of Range

China Resources Beverage Holdings Co. is slated to price its initial public offering at the top of the range to raise about HK$5 billion ($649 million), people familiar with the matter said, reflecting keen demand for one of Hong Kong’s biggest listings this year.

The owner of the C’estbon water brand is likely to sell 347.8 million shares at HK$14.50 each, the people said, asking not to be identified discussing private information. The company plans to list shares on Oct. 23.

C’estbon’s bottled water.

Source: VCG/Getty Images

Order books for the offering closed Thursday, a day earlier than anticipated, and were multiple times oversubscribed, the ...