Monday August 3, 06:24 AM
Everbright Securities aims for 1.6 bln dlr IPO
SHANGHAI (AFP) - China's Everbright Securities said it plans to raise up to 10.96 billion yuan (1.6 billion dollars) in a share offer as the domestic initial public offering (IPO) market continues to pick up.
The brokerage, which is selling up to 520 million yuan-denominated shares before listing on the Shanghai Stock Exchange, set an IPO price range of 19.0-20.08 yuan, according a statement filed with the bourse on Sunday.
The range is about 53 to 59 times the firm's earnings per share last year, it said.
The company has yet to announce when its shares will start trading.
The move follows last week's strong debut for the nation's biggest home builder, China State Construction Engineering, which raised 7.3 billion dollars in the world's largest IPO in 16 months.
Subscriptions to the IPO's institutional tranche, which accounts for 30 percent of the share sale, started Monday while subscriptions to the retail tranche will begin Tuesday.
Chinese brokerages, reeling from the slump in the stock market last year, have benefited from a rally in the market and growing investment banking business after Beijing lifted a 10-month IPO moratorium in June.
The benchmark Shanghai Composite Index has surged by about 90 percent since the start of the year.
Everbright Securities, controlled by state-run financial conglomerate Everbright Group, posted a net profit of 1.2 billion yuan in the first half of 2009, up 20.2 percent from a year ago, according to the IPO prospectus.
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