Debutant surges on demand
By Ye Zhen |
November 3, 2012, Saturday
|
Print Edition
Print Edition
AUTO parts maker Zhejiang Shibao Co Ltd surged on its debut yesterday as speculative demand soared after the regulator slashed its fund-raising amount and slowed approval of other listings.
Its shares soared by 627 percent from its offer price of 2.58 yuan (41 US cents) to end at 18.75 yuan in Shenzhen. Trading of its shares was halted three times during the day after it triggered a turnover circuit breaker and hit price caps.
The firm offered 15 million shares and hoped to raise 38.7 million yuan, a plunge of 93 percent from its original target of 510 million yuan. The funds raised marked the smallest domestic initial pubic offering in 15 years.
Zhejiang Shibao will be the only IPO in November as the China Securities Regulatory Commission has slowed approval of applications amid a sluggish market.
Its shares soared by 627 percent from its offer price of 2.58 yuan (41 US cents) to end at 18.75 yuan in Shenzhen. Trading of its shares was halted three times during the day after it triggered a turnover circuit breaker and hit price caps.
The firm offered 15 million shares and hoped to raise 38.7 million yuan, a plunge of 93 percent from its original target of 510 million yuan. The funds raised marked the smallest domestic initial pubic offering in 15 years.
Zhejiang Shibao will be the only IPO in November as the China Securities Regulatory Commission has slowed approval of applications amid a sluggish market.
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