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Bank of Nanjing sets IPO price range

(XFN-Asia)
Updated: 2007-07-12 09:31

Bank of Nanjing, in which BNP Paribas holds a 19.2 percent stake, said it has set the price range for its initial public offering (IPO) in Shanghai at 9.8-11 yuan (US$1.29-1.45) per share.

 

That translates to a price-to-earnings ratio of between 30.69 and 34.45 times the company's diluted earnings for 2006, the company said in a statement filed with the Shanghai Stock Exchange.

The bank, in which the IFC also holds a 5 percent stake, said it plans to issue 630 million A-shares, representing 34.3 percent of its enlarged share capital. The issue volume was down from previous plans of up to 700 million shares.

Up to 189 million A-shares, or 30 percent, will be sold to institutional investors, and the remainder to retail buyers.

China CITIC Securities will be the main underwriter for the float.

 


(For more biz stories, please visit Industry Updates)



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