Solargiga drops IPO price range

The Chinese solar power company drops its price range by 10% as investors become nervous following more subprime bad news from the US.

Choppy market conditions compelled Chinese solar power company Solargiga Energy to revise the price range for its Hong Kong initial public offering. The range has been set at HK$4.08 $0.52 to HK$4.88, down about 10% from the original range of HK$4.57 to HK$5.38.

The new price values Solargiga at 15.4 to 18.4 times its 2008 earnings. The issuer is seeking to raise up to HK$2.06 billion $264.6 million by selling 422.7 million shares, of which...

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