Driving school aims for 1st to list
Print Edition
BEIJING’S Eastern Pioneer Driving School will be the first Chinese driving school to go public when it joins six other firms in staging initial public offerings in Shanghai and Shenzhen ahead of the Chinese New Year in early February.
Eastern Pioneer plans to raise 820 million yuan (US$125 million) at 16.40 yuan per share in Shanghai.
The company’s share subscription began yesterday. Investors in China tend to oversubscribe shares for IPOs as they almost guarantee stellar rises in the first few days of trading.
A revised IPO rule effective this year allows investors to pay for shares they subscribed two days after submitting orders, thus preventing the freezing of large amounts of funds due to by upfront payment that usually causes volatility in the stock market.
Eastern Pioneer reported a net profit of 175 million yuan during the first half of last year, 298 million yuan in 2014 and 265 million yuan in 2013.
The company provides lessons in driver training in Beijing as well as Hebei and Yunnan provinces.
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