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Biggest offering fails to hit high
By Richard Fu |
September 30, 2011, Friday
|
Print Edition
Print Edition
IN another sign of reduced investor appetite for share listings, Sinohydro, China's biggest dam builder, sold shares at the low end of an indicative range in an initial public offering that raised 13.5 billion yuan (US$2.1 billion).
Nonetheless, it is the largest mainland IPO this year, beating the previous high of 9.46 billion yuan raised by Sinovel Wind, a wind turbine maker, in January.
Sinohydro, builder of the Three Gorges Dam, issued 3 billion A-shares at 4.50 yuan apiece, the low end of a price range of 4.50-4.80 yuan, ahead of a listing in Shanghai, according to a statement yesterday. Amid weak market interest, the company had earlier this week slashed the number of shares offered to 3 billion from the initially planned 3.5 billion.
Sinohydro will use the proceeds to fund construction of hydropower dams and wind farms, including a dam in Cambodia.
It is difficult to get an IPO off the ground in this bearish climate. On Wednesday, Great Wall Motor fell 8.85 percent on its first day of trading in Shanghai.
Nonetheless, it is the largest mainland IPO this year, beating the previous high of 9.46 billion yuan raised by Sinovel Wind, a wind turbine maker, in January.
Sinohydro, builder of the Three Gorges Dam, issued 3 billion A-shares at 4.50 yuan apiece, the low end of a price range of 4.50-4.80 yuan, ahead of a listing in Shanghai, according to a statement yesterday. Amid weak market interest, the company had earlier this week slashed the number of shares offered to 3 billion from the initially planned 3.5 billion.
Sinohydro will use the proceeds to fund construction of hydropower dams and wind farms, including a dam in Cambodia.
It is difficult to get an IPO off the ground in this bearish climate. On Wednesday, Great Wall Motor fell 8.85 percent on its first day of trading in Shanghai.
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