Foxconn trots out IPO

Pre-marketing begins for Hong Kong''s first benchmark IPO of the year.

Pre-marketing began this Tuesday for a $300 million to $400 million IPO by Foxconn International Holdings FIH, the telecom handsetĀ  manufacturing arm of Taiwan's Hon Hai group. Under the lead management of Goldman Sachs and UBS, formal roadshows for the Hong Kong listing will begin on January 17, with pricing scheduled for January 25 and listing on February 3, just ahead of Chinese New Year.

The deal is being marketed on a 2005 PE range of 11.2 to 14 times forecast earnings based on the syndicate's average net income assumption of $235 million. Pre greenshoe the company is offering 12.5% of its enlarged share capital.

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