Xinao hopes IPO will be a gas

The first GEM offering by a non state-owned PRC entity has been launched.
March 29, 2001
Led by ABN Amro, gas distributor Xinao Gas is hoping to raise up to $37 million from the transaction, which is scheduled to close around April 11. In a reflection of the depressed state of the Hong Kong retail market, however, there will be no public offering for the 180 million share deal, which also numbers CLSA as co-lead and BNP Paribas Peregrine as senior co-manager.

The price range has been set at HK$1.15 $0.15 to HK$1.59 per share, representing a PE ratio of eight to 11 times prospective 2001 earnings and a relatively high EVEBITDA ratio of 6.2 to 8.1 times prospective earnings. Observers report positive pre-marketing feedback for...

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