Daqin Railway targets $1.87 billion IPO
19 July 2006
Daqin Railway Co, which runs China's biggest coal transport line, aims to raise up to US$1.87 billion from a domestic initial public offering. It has set the indicative price range of its A-share offer at between US$0.57 and US$0.63, representing 17 to 18.2 times its earnings last year. The company plans to sell up to five billion shares, but will not allow the total sale to exceed US$1.87 billion. Meanwhile, China Poly Real Estate group said the institutional tranche of its share offer was 110 times oversubscribed. It plans to raise US$261 million in Shanghai.
