Antonoil sets price range at significant discount

The oil services provider will compete for IPO funds with a spin-off from Taiwan food producer Uni-President and paper manufacturer China Sunshine.

ChinaÆs oil services company Anton Oilfield Services Group launches the roadshow for its Hong Kong initial public offering today Nov 26 with a price range of HK$1.80 to HK$2.40. The company could raise up to HK$1.25 billion $160.5 million.

The price values the listing candidate at approximately 15 to 20 times its 2008 earnings, which one investor says is attractive, given that the ôhigh oil price should favour the oil services sector at least in the...

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