Shanghai Prime Machinery tests the waters for an IPO

A play on China's industrial growth that hopes to copy sister company's performance.
Shanghai Prime Machinery has started pre-marketing this week an initial public offering that is expected to raise between $150 million and $175 million. It plans to list on Hong KongÆs main board towards the end of April.

The state-owned enterprise is a sister company to Shanghai Electric Group and is expected to be well-received by investors as it is essentially a leveraged play on the industrial growth of China. Shanghai Electric has gained 75% since its trading debut in late April last year.

Credit Suisse, which also took Shanghai Electric to market, is sole bookrunner for the offering with BNP Paribas Peregrine and Macquarie Securities acting as co-leads.

The total deal size has yet to...
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