Sinovel seeks $1.4 billion from Shanghai IPO

The wind turbine maker offers 105 million A-shares at up to 44 times 2009 earnings, making it one of the most expensive Shanghai IPOs in recent years.

Sinovel Wind Group, one of the largest wind turbine producers in China, plans to raise Rmb9.4 billion $1.4 billion from one of the most expensive IPOs in Shanghai, taking advantage of Beijing’s efforts to promote renewable energy.

However, the deal -- the first major one this year -- will test the Shanghai equity market, whose stock index was among the world's worst performers in 2010. Sinovel is offering its shares at a price between Rmb80 and Rmb90 apiece,...

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