Sinotrans Shipping raised US$1.47 billion after it priced its Hong Kong initial public offering at the top of an indicated range as it readies to list on the stock exchange later this week.
The bulk shipping unit of China's state-owned Sinotrans Group has priced its shares at HK$8.18 (US$1.04) each, according to news reports.
The IPO price represents a price-to-earnings (P/E) multiple of 30.6 times the syndicate earnings forecast for 2007, or 14 times the 2008 earnings forecast.
This compares with a 15 times 2007 price-to-earnings for rival China Shipping Development and a 22 times price-to-earnings for its sister firm Sinotrans Ltd.
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