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Your-Mart IPO set to raise US$143m
By Winny Wang |
July 8, 2009, Wednesday
|
Print Edition
Print Edition
HUNAN Province retailer Your-Mart Co plans to raise about 979 million yuan (US$143 million) in an initial public offering, the third firm to float new shares on the Chinese mainland after the 10-month IPO hiatus.
The retailer will issue 50 million yuan-denominated A shares at 19.58 yuan apiece - accounting for 25.77 percent of its expanded share capital - on the Shenzhen Stock Exchange today, according to a prospectus filed to the Shenzhen bourse yesterday.
It will spend 500 million yuan to renovate three main stores in Changsha, Hunan's capital, and the rest will replenish working capital.
"Renovation and expansion of stores are major revenue sources for the company in the following years. We expected its net profit will rise 22.7 percent this year on a yearly basis and 18.6 percent next year," said Guo Haiyan, an analyst at China International Capital Co.
Your-Mart runs seven department stores in the province, with five in Changsha, accounting for 38 percent of the Hunan market share.
The China Securities Regulatory Commission has allowed four companies - Guilin Sanjin Pharmaceutical Co, Zhejiang Wanma Cable Co, Your-Mart Co and Sichuan Expressway Co - to float new shares.
The regulator halted domestic new share sales in September over concerns too much equity supply might lead the market to collapse.
More than 30 companies - including China State Construction Engineering Co, Everbright Securities Co and China Merchants Securities Co - have been waiting to list on the main board after winning regulatory approval.
They are expected to offer more than 70 billion yuan worth of new shares.
The retailer will issue 50 million yuan-denominated A shares at 19.58 yuan apiece - accounting for 25.77 percent of its expanded share capital - on the Shenzhen Stock Exchange today, according to a prospectus filed to the Shenzhen bourse yesterday.
It will spend 500 million yuan to renovate three main stores in Changsha, Hunan's capital, and the rest will replenish working capital.
"Renovation and expansion of stores are major revenue sources for the company in the following years. We expected its net profit will rise 22.7 percent this year on a yearly basis and 18.6 percent next year," said Guo Haiyan, an analyst at China International Capital Co.
Your-Mart runs seven department stores in the province, with five in Changsha, accounting for 38 percent of the Hunan market share.
The China Securities Regulatory Commission has allowed four companies - Guilin Sanjin Pharmaceutical Co, Zhejiang Wanma Cable Co, Your-Mart Co and Sichuan Expressway Co - to float new shares.
The regulator halted domestic new share sales in September over concerns too much equity supply might lead the market to collapse.
More than 30 companies - including China State Construction Engineering Co, Everbright Securities Co and China Merchants Securities Co - have been waiting to list on the main board after winning regulatory approval.
They are expected to offer more than 70 billion yuan worth of new shares.
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