China Machinery Engineering, a state-controlled engineering contractor in the power sector, plans to kick off a roadshow today in an attempt to raise about US$380 million through a Hong Kong listing.
The Beijing-based company is selling 718 million shares in an indicative range of between HK$4.10 and HK$5.40 a share, translating into a price-to-earnings ratio of 9.2 to 12 times based on this year's forecast earnings, according to a pre-deal report by Bank of China International.
via Business feed http://www.scmp.com/business/china-business/article/1102556/china-machinery-engineering-get-wheels-rolling-ipo
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