Huatai expects to launch IPO at 20-22 yuan
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China's Huatai Securities Co. Ltd., expects to launch IPO in Shanghai Exchange at between 20 to 22 yuan (2.93 to 3.22 U.S. dollars) per share, the company said Monday.
The time to purchase the stock would be at 9:30 to 15:00 on Monday and Tuesday, the south China's Nanjing base brokerage said.
The online roadshow, or the presentation of the new stock issue to potential investors, would be held at 14:00 to 17:00 Monday, Huatai said.
It expected to raise about 17.26 billion yuan by selling 784.56 million shares at the IPO, and the money would be used to increase working capital and to expand financial derivative services, Huatai said.
The brokerage, which had net assets of 14.1 billion yuan by the end of 2009, netted a profit of about 4.1 billion yuan last year, and it expected return per share in 2010 to be about 0.9 yuan.
