Shanghai Prime Machinery IPO Beats Estimates
Shanghai Prime Machinery IPO Beats Estimates
Jason Sandefur
Besting its expectations by nearly 10%, the successful IPO of state-owned fastener and equipment maker Shanghai Prime Machinery Co. raised HK$1.26 billion (US$162.5 million), the Wall Street Journal Asia reports.
Prime Machinery produces fasteners, bearings, large blades for turbines, electric wires, cable and ship cranks in China. The IPO’s 600.6 million shares will be sold at HK$2.10 (27 US cents).
A provision in the transaction is expected to earmark 50% of Shanghai Prime Machinery’s IPO for institutional investors and 50% for retail investors, according to the Wall Street Journal Asia. Shanghai Prime Machinery will list on Hong Kong’s stock exchange later this week.
In April 2005 parent company Shanghai Electric Corp. reportedly raised HK$5.05 billion (US$650 million) by spinning off its industrial equipment maker, Shanghai Electric Group Co. �2006 FastenerNews.com
There are no comments at the moment, do you want to add one?
Write a comment