Nothing jinxes IPO success for China Oriental

Bull market for China stocks continues as steel play, China Oriental, closes many times covered.

Steel billet maker China Oriental secured a HK$1.93 billion $248 million IPO at the very top end of its indicative range yesterday Tuesday. With JPMorgan and Merrill Lynch as joint bookrunners, a 700 million share offering was priced at HK$2.75 per share after being marketed on a wide range spanning HK$2.10 to HK$2.75.

At this level the IPO was priced on a syndicate 2004 PE ratio of 6.1 times. This in...

To continue reading, please login or register for free

Click for more on: jinxes | ipo | success | china | oriental

Print Edition

FinanceAsia Print Edition