IPO market restarts with new hopefuls
Print Edition
Initial public offerings finally resume today on the Chinese mainland after a freeze of more than one year when subscriptions open for the IPOs of two Chinese companies.
Guangdong Xinbao Electrical Appliances Holdings Co is offering 76 million shares priced at 10.50 yuan (US$1.74) per share on the Shenzhen Stock Exchange and hopes to raise 798 million yuan, according to a company filing.
Zhejiang Wolwo Bio-Pharmaceutical Co seeks to raise 221 million yuan in an IPO of 25.3 million shares priced at 20.50 yuan each on the ChiNext board, also in Shenzhen.
Both companies will announce the results of the subscriptions on Friday.
Guangdong Xinbao commands a price-to-earnings ratio of 30, above an industry average of 22, while the PE ratio of Zhejiang Wolwo is 39.
“The valuations of the first batch of IPOs are expected to be pushed higher after their debut as investors are passionate about the new listings after a more than one-year hiatus,” Chen Li, A-share strategist at UBS, said in a recent interview.
Another six companies are expected to launch their IPOs this week.
As of yesterday, 30 firms have regulatory nod to list on the domestic exchanges, but they are only a small part of an IPO backlog of over 700 firms.
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