Tianjin Port sets IPO price range slightly above parent's earlier indication

Hutchison buys 3% stake as new price range values company at 13.9-16.9 times forward earnings.
Tianjin Port Development has fixed the price range for its initial public offering at HK$1.55 to HK$1.88 per share, or slightly above the indicative range earlier announced by the parent company.

Market sources said the premarketing had revealed solid demand for the ports operator and the price range could have been set higher. However, the state-owned company was believed to have wanted to keep the valuation down to ensure a strong performance in the secondary market.

The interest in the stock is likely to be underpinned by Hutchison Whampoa, which agreed to buy 51 million shares in the IPO, sources say. The investment, which represents 8.8% of the share offer, will give...
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