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Your-Mart to raise funds with IPO

HUNAN retailer Your-Mart Co plans to raise about 979 million yuan (US$143 million) in an initial public offering, the third firm to float new shares on the Chinese mainland after a 10-month IPO hiatus.

The retailer will issue 50 million yuan-denominated A shares, accounting for 25.77 percent of its expanded share capital, at 19.58 yuan apiece tomorrow on the Shenzhen Stock Exchange, according to a prospectus filed to the Shenzhen bourse today.

It will spend 500 million yuan in renovating three main shops in Changsha, capital of Hunan Province, and the rest will be used replenishing its working capital.

The China Securities Regulatory Commission has allowed four companies, Guilin Sanjin Pharmaceutical Co, Zhejiang Wanma Cable Co, Your-Mart Co and Sichuan Expressway Co, to float new shares.

Sanjin was 584 times oversubscribed for the key retail portion of its issue on June 30 and attracted 455 billion yuan in investor subscription funds.

Zhejiang Wanma Cable Co was 750 times oversubscribed on July 2 and attracted 345 billion yuan.

The regulator halted new domestic share sales in September over worries that too much equity supply might lead the market to collapse.

More than 30 companies, including China State Construction Engineering Co, Everbright Securities Co and China Merchants Securities Co, have been waiting to list on the main board after winning regulatory approval.

They are expected to offer more than 70 billion yuan worth of new shares.


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