Xinao hopes IPO will be a gas

The first GEM offering by a non state-owned PRC entity has been launched.
Led by ABN Amro, gas distributor Xinao Gas is hoping to raise up to $37 million from the transaction, which is scheduled to close around April 11. In a reflection of the depressed state of the Hong Kong retail market, however, there will be no public offering for the 180 million share deal, which also numbers CLSA as co-lead and BNP Paribas Peregrine as senior co-manager.

The price range has been set at HK$1.15 $0.15 to HK$1.59 per share, representing a PE ratio of eight to 11 times prospective 2001 earnings and a relatively high EVEBITDA ratio of 6.2 to 8.1 times prospective earnings. Observers report positive pre-marketing feedback for...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222