Sinotrans prices IPO

China''s national transportation and logistics company attracts more demand than expected.

The world's largest IPO of the year-to-date was priced towards the top of its price range on Saturday by joint leads BOCI and Credit Suisse First Boston. International books for the $436 million deal closed twelve times covered, with retail books likely to announced as more than 15 times covered, since the first clawback is to be triggered.

A total of 1.554 billion shares were sold at HK$2.19 compared to an indicative price range of HK$1.67 to HK$2.29. Representing a pe multiple of 13 times 2003 forecast earnings, this means the deal has not only come at, or in line with all its major Asian comparables, but also against...

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