Capping a busy month for lead manager BNP Peregrine Paribas, the bank has launched a $115 million to $140 million IPO for OEM silk manufacturer China Ting. Pre-shoe the company will have a free-float of 25.13% based on an offer size of 500 million shares.
The indicative price range has been set at HK$1.80-2.20, equating to a 2005 priceearnings ratio of 9.7-11.8 times. By comparision, OEM textile manufacturers Texwinca and Fountainset trade at 13.9 and 11 times 2005 earnings respectively.
However, China Ting also has a retail component, which contributes 10% of the company's overall revenue. The company operates four of its own brands, namely...
