xiashun-aims-to-raise-up-to-273-million

Xiashun aims to raise up to $273 million

The Chinese aluminium foil producer sets IPO range and signs up three cornerstone investors.

November 27, 2007

China-based light-gauge aluminium foil producer Xiashun Holdings plans to sell its shares at a price of HK$3.10 to HK$4.25 apiece, in the hope of raising up to HK$2.13 billion $273 million ahead of a Hong Kong listing. The company launches the institutional portion of its initial public offering today.

The price range values Xiashun at approximately 14 to 19 times its 2008 earnings, according to a source close to the company. The company, which is brought to market by JPMorgan and UBS, has no direct comparables as most of its local and overseas counterparts are privately held, but the source says packaging companies tend to trade at an average multiple...

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