Subscriptions for nuke power IPO open
Print Edition
CHINA National Nuclear Power Co yesterday opened subscriptions for its initial public offering that will be the largest IPO in China’s A-share market in four years.
CNNP, a subsidiary of China National Nuclear Corp, is offering 3.89 billion shares at 3.39 yuan (55 US cents) each and expects to raise 13.19 billion yuan, the biggest amount since the listing of Power Construction Corp of China in September 2011.
Investors can subscribe to 1.17 billion shares, or 30 percent of the IPO, online while the remaining will be transacted through brokerages, the nuclear power company said in a filing to the Shanghai Stock Exchange yesterday.
CNNP’s IPO price was 22.29 times the company’s 2014 earnings, below the average earnings ratio of 22.32 in the nuclear power industry, according to the statement.
CNNP’s IPO is the largest among the 23 companies that are seeking to list. The IPO subscriptions were estimated to draw nearly 5 trillion yuan.
CNNP’s operating revenue was 6.36 billion yuan in the first quarter, up 45.06 percent year on year. Its 2014 profit was 4.15 billion yuan.
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