China South Locomotive IPO finally gets underway
The Chinese train maker seeks a smaller-than-expected $566 million from the H-share tranche as the valuation is kept below 20 times earnings. The combined A- and H-share offering may raise up to $1.52 billion.
China South Locomotive Rolling Stock CSR yesterday kicked off the institutional roadshow for the H-share portion of its initial public offering and said it aims to raise between HK$3.98 billion and HK$4.42 billion $511 million to $566 million. A greenshoe could add another 15%, resulting in total proceeds of approximately $650 million.
Even without the shoe, this will be the third largest IPO in Hong Kong this year after China Construction Railway Corp CRCC and rice...
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