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Maximum of 100 billion yuan seen in A-share IPOs this year
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INITIAL public offerings in the A-share market will raise no more than 100 billion yuan (US$16.1 billion) this year, with small and medium sized IPOs continuing to dominate the market, according to an industry report.
Most IPOs will come from industrials, technology, media and communications as well as state-supported service sectors such as cultural and entertainment, agriculture, environmental protection and new materials, Ernst & Young said in a report released today.
A total of 52 companies went public on Chinese mainland's stock exchanges in the first half of the year, raising a combined 35.3 billion yuan, according to the report.
In the first six months of 2014, first-day return on IPOs was 43 percent on average.
The average price-to-earnings ratio for new shares in the first half of the year was 28, nearly the same as the 30 P/E in 2012 and a sharp decline from 48 in 2011 and 59 in 2010 after the regulator stepped up regulation on the pricing of new shares.
China plans to allow about 100 IPOs in the second half of the year, nearly halved from the number analysts had forecast.
By June 27, there were 706 companies queuing for IPO approvals. About 42 percent of the applicants plan to list on the Shanghai Stock Exchange, while 35 percent are heading for the ChiNext board and 23 percent are going to the Small and Medium Sized Enterprises board.
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