Stocks News
- Western Mining raises US$816m
Date: 6-Jul-2007 Sources: (Shenzhen Daily)
WESTERN Mining Co., a producer of zinc, copper and lead, raised the maximum 6.2 billion yuan (US$816.4 million) sought in a Shanghai initial public offering (IPO), attracting orders for more than 200 times the shares available.
The company sold 460 million new shares at 13.48 yuan each, it said in a statement Thursday, after giving a price range of 12 yuan to 13.48 yuan July 2. UBS AG's joint venture in China, UBS Securities Co., arranged the sale, the first in China for Europe's biggest bank by assets.
The high subscription rates and top-end pricing show investors believe investing in China's IPOs is a no-risk and high-return investment, said Fan Hongyu, an investment manager at China Jianyin Investment Securities Co. in Shanghai. 'The shares always jump above their IPO prices on their debuts,'' Fan said.
Institutions and mainland individuals ordered 1.51 trillion yuan worth of Western Mining shares, or almost 244 times the amount on offer, the company said. Western Mining's stock is set to start trading on the Shanghai exchange as late as July 16, the company said in the prospectus.
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