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 P/E ratio of 6 1 times This in turn represented an approximately 25% discount to the 8 3 times P/E average of the big three Chinese steel manufacturers listed on the Hong Kong Stock Exchange - Maanshan Iron & Steel, New Angang Steel and Chongqing Iron &...

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