Sany Heavy Equipment International, a Chinese manufacturer of coal mining equipment, on Monday launched an initial public offering that could raise up to HK$2.4 billion $309 million. At the same time, Chinese property developer Mingfa Group has completed its prolonged IPO, raising $278 million.
Sany is selling 500 million shares, all primary, at a price between HK$4.10 and HK$4.80. This translates into 11.1 to 13 times 2010 projected earnings.
The company is China's leading manufacturer of roadheaders, which are machines used in mining to create tunnels. Its competitive edge is that it is able to manufacture roadheaders in China at a level of quality that allows it to compete with...
¬ Haymarket Media Limited. All rights reserved.
