Sinohydro IPO may be mainland biggest
By Richard Fu |
00:08 UTC+8 July 27, 2011
|
Print Edition
Print Edition
SINOHYDRO Group Ltd, China's largest dam builder, plans a 17.3 billion yuan (US$2.7 billion) Shanghai initial public offering that could become the largest on the mainland this year.
The company seeks to sell up to 3.5 billion shares in the IPO, or nearly 35 percent of its expanded share capital, according to a draft listing prospectus posted on the website of the China Securities Regulatory Commission yesterday. The CSRC will review the IPO application on Friday.
Sinohydro, which has built 65 percent of China's medium- and large-sized dams including the Three Gorges Dam, didn't give a price range of the proposed share sale but said it may raise around 17.3 billion yuan to fund projects, including a hydro dam in Cambodia, and replenish working capital.
Sinohydro's IPO may become the largest on Chinese mainland since China Everbright Bank Co's Shanghai initial share sale which raised 18.9 billion yuan in August last year.
China Securities and Bank of China International are the lead underwriters for Sinohydro's IPO.
"In this relatively sluggish market environment we expect fairer valuation for the IPOs of major companies," said Chen Huiqin, a strategist at Huatai Securities. She added many IPOs last year have been over-priced in a hectic market.
Sinohydro is benefiting from a government push to build more renewable power capacity to rely less on coal.
China plans to build 20 gigawatts of hydropower projects this year, nearly one tenth of the total installed hydro capacity at the end of last year, the National Energy Administration said in January.
Beijing-based Sinohydro posted a net income of 2.91 billion yuan last year, an annual increase of 27 percent due to higher demand from hydropower projects.
The company seeks to sell up to 3.5 billion shares in the IPO, or nearly 35 percent of its expanded share capital, according to a draft listing prospectus posted on the website of the China Securities Regulatory Commission yesterday. The CSRC will review the IPO application on Friday.
Sinohydro, which has built 65 percent of China's medium- and large-sized dams including the Three Gorges Dam, didn't give a price range of the proposed share sale but said it may raise around 17.3 billion yuan to fund projects, including a hydro dam in Cambodia, and replenish working capital.
Sinohydro's IPO may become the largest on Chinese mainland since China Everbright Bank Co's Shanghai initial share sale which raised 18.9 billion yuan in August last year.
China Securities and Bank of China International are the lead underwriters for Sinohydro's IPO.
"In this relatively sluggish market environment we expect fairer valuation for the IPOs of major companies," said Chen Huiqin, a strategist at Huatai Securities. She added many IPOs last year have been over-priced in a hectic market.
Sinohydro is benefiting from a government push to build more renewable power capacity to rely less on coal.
China plans to build 20 gigawatts of hydropower projects this year, nearly one tenth of the total installed hydro capacity at the end of last year, the National Energy Administration said in January.
Beijing-based Sinohydro posted a net income of 2.91 billion yuan last year, an annual increase of 27 percent due to higher demand from hydropower projects.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
