China National Building Materials ups IPO valuation

Top end of price range increased by 5.7%.
China National Building Materials has lifted the price range on its IPO three days into the institutional road show in a move that will allow it to raise up to HK$1.80 billion $232 million.

The new price range of HK$2.30 to HK$2.75 is 5.7% higher than the previous range at the top end and will value the company at between 11.1 and 13.3 times its projected 2006 earnings, according to sources familiar with the offering. This compares with the initial range of HK$2.00 to HK$2.60, which translated into a 2006 PE price to earnings ratio of 9.7 to 12.6 times,

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