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First Tractor gains approval for Shanghai IPO
By Richard Fu |
July 16, 2012, Monday
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Online Edition
Online Edition
FIRST Tractor Co, China's leading agricultural machinery maker, said it has received regulatory approval to issue up to 150 million A shares in a Shanghai IPO to raise 1.15 billion yuan (US$180 million).
The book-building process will start tomorrow, according to a listing prospectus. The company will fix an issue price next Wednesday.
First Tractor said it will use the proceeds of the Shanghai share sale to fund 1.15 billion yuan worth of new projects and technical upgrading projects.
The company, based in Luoyang, Henan Province, is already listed in Hong Kong.
Its chief competitors include Foton LOVOL International Heavy Industry Co, Changzhou Dongfeng Agricultural machinery Group and John Deere Tiantuo Co, a joint venture between Tianjin Tractor Manufacturing Corp and Deere & Co of the US.
First Tractor posted a net profit of 457.5 million yuan last year, down from 562 million yuan in 2010.
The company said it will arrange a listing shortly after it completes the share sale, without giving a date.
Citic Securities is the lead underwriter for the Shanghai IPO.
The book-building process will start tomorrow, according to a listing prospectus. The company will fix an issue price next Wednesday.
First Tractor said it will use the proceeds of the Shanghai share sale to fund 1.15 billion yuan worth of new projects and technical upgrading projects.
The company, based in Luoyang, Henan Province, is already listed in Hong Kong.
Its chief competitors include Foton LOVOL International Heavy Industry Co, Changzhou Dongfeng Agricultural machinery Group and John Deere Tiantuo Co, a joint venture between Tianjin Tractor Manufacturing Corp and Deere & Co of the US.
First Tractor posted a net profit of 457.5 million yuan last year, down from 562 million yuan in 2010.
The company said it will arrange a listing shortly after it completes the share sale, without giving a date.
Citic Securities is the lead underwriter for the Shanghai IPO.
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