Sinovel's IPO yields US$1.4b
Source: Agencies |
January 7, 2011, Friday
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Print Edition
Print Edition
TOP Chinese wind turbine maker Sinovel Wind raised 9.5 billion yuan (US$1.43 billion) in China's first major IPO this year after fixing the offer price for its shares at the top end of an indicative range.
Sinovel set the offer price for its initial public offering in Shanghai at 90 yuan a share versus an indicative range of 80-90 yuan each, it said in a statement to the stock exchange yesterday.
Sinovel, which competes with Denmark's Vestas Wind and GE, is selling up to 105.1 million shares in its IPO, hoping to bank on investor demand for Chinese renewable-energy stocks as the country invests heavily in the sector.
China is pouring US$1.5 trillion over the next five years into developing strategic industries, such as the renewable-energy sector where the country is trying to reduce greenhouse gas emissions as its economy roars ahead.
The offer price values Sinovel shares at a forward price-to-earnings ratio of 25.21 times, based on Thomson Reuters consensus earnings forecast of 3.57 yuan a share.
Sinovel has not yet fixed a listing date.
Denmark's Vestas Wind, the world's biggest maker of wind turbines, was traded at around 15 times, Spain's Gamesa Corporacion Tecnologica was traded at 21.11 times and Shenzhen-listed Xinjiang Goldwind was at 17 times 2011 consensus earnings forecast.
Sinovel set the offer price for its initial public offering in Shanghai at 90 yuan a share versus an indicative range of 80-90 yuan each, it said in a statement to the stock exchange yesterday.
Sinovel, which competes with Denmark's Vestas Wind and GE, is selling up to 105.1 million shares in its IPO, hoping to bank on investor demand for Chinese renewable-energy stocks as the country invests heavily in the sector.
China is pouring US$1.5 trillion over the next five years into developing strategic industries, such as the renewable-energy sector where the country is trying to reduce greenhouse gas emissions as its economy roars ahead.
The offer price values Sinovel shares at a forward price-to-earnings ratio of 25.21 times, based on Thomson Reuters consensus earnings forecast of 3.57 yuan a share.
Sinovel has not yet fixed a listing date.
Denmark's Vestas Wind, the world's biggest maker of wind turbines, was traded at around 15 times, Spain's Gamesa Corporacion Tecnologica was traded at 21.11 times and Shenzhen-listed Xinjiang Goldwind was at 17 times 2011 consensus earnings forecast.
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