Home
News
In Focus
Business
Metro
Nation
World
Sports
Feature
Opinion
View more »Opinion Columns
Wan LixinOpinion deputy editor of Shanghai Daily
Restaurants get off to a quick start thanks to game-changing policies
High service charges on event ticket refunds call for further regulation
Sunday
- Subscribe
Brokerage collects US$1.6b from IPO
By Winny Wang |
August 7, 2009, Friday
|
Print Edition
Print Edition
EVERBRIGHT Securities Co raised 10.96 billion yuan (US$1.6 billion) in its initial public offering, the first by a Chinese brokerage since the end of 2002, which it will use to replenish its working capital.
The brokerage sold 520 million shares to investors at 21.08 yuan apiece, out of which 341 million shares were 116 times oversubscribed in an online tranche and the remaining shares were 124 times oversubscribed in an offline sale, it said in a statement to the Shanghai Stock Exchange on Wednesday.
The price-to-earnings ratio was 59 times its 2008 earnings based on the enlarged share capital.
"The stock is expected to rise between 70 and 100 percent on its trading debut," Shanghai Securities Co said in a note.
The stock will start trading in Shanghai no later than August 19, said Luo Zhefu, vice chairman of Everbright Securities, during an online presentation to investors on Monday.
The company will use proceeds from the IPO to replenish working capital and plans to raise the number of outlets to more than 120 through mergers and acquisitions and by opening new ones, it said in its prospectus.
The brokerage's profit slumped 71 percent in 2008 to 1.37 billion yuan.
The brokerage sold 520 million shares to investors at 21.08 yuan apiece, out of which 341 million shares were 116 times oversubscribed in an online tranche and the remaining shares were 124 times oversubscribed in an offline sale, it said in a statement to the Shanghai Stock Exchange on Wednesday.
The price-to-earnings ratio was 59 times its 2008 earnings based on the enlarged share capital.
"The stock is expected to rise between 70 and 100 percent on its trading debut," Shanghai Securities Co said in a note.
The stock will start trading in Shanghai no later than August 19, said Luo Zhefu, vice chairman of Everbright Securities, during an online presentation to investors on Monday.
The company will use proceeds from the IPO to replenish working capital and plans to raise the number of outlets to more than 120 through mergers and acquisitions and by opening new ones, it said in its prospectus.
The brokerage's profit slumped 71 percent in 2008 to 1.37 billion yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
