May 22, 2020 (China Knowledge) - Qingdao Victall Railway (605001) to start trading on the Shanghai Stock Exchange - Main Board today, at a public offering price of RMB 16.14 per share, raising RMB 1.22 bln. Its initial listing shares account for 25.00% of total outstanding shares. The company’s initial price-to-earning ratio (PE) stands at 22.99.
China Securities acted as the lead underwriter and sponsor for the IPO.
Earlier, Qingdao Victall Railway said its IPO was 2,111 times oversubscribed. Since 2019 to date, A-shares IPOs achieved median oversubscription of 2,373 times and the highest at 8,375 times. We expect the IPO to hit limit of 44% increment in its first day of listing. For subsequent 30-day trading the performances can be obtained from our China IPO Weekly.
Qingdao Victall Railway Co Ltd is a China-based company mainly engaged in the research and development, manufacturing and sales of rail transit vehicle supporting products. The Company's products are primarily divided into five categories. The interior products include roof panels, wall panels, air ducts, vehicle display screens, partitions, roller blinds, bar counters, seats and others. The toilet system includes vacuum toilet system, toilet module, water tank and washroom, among others. The metal structural parts include skirt board fastening devices, hangers, equipment compartment frames, line pipe fixing brackets, equipment welding brackets and others. The modular products include opening and closing mechanisms and shade screens, among others. The exterior structural parts include head shells, pantograph diversion covers, skirt boards and bottom diversion covers. The Company also provides vehicle maintenance services.
In financial year 2019, Qingdao Victall Railway garnered a total revenue of RMB 1.61 bln, up 7% YoY. In terms of net income, it achieved RMB 233.9 mln, up 11% YoY. Accordingly, return on equity (ROE) and return on asset (ROA) stood at 16.15% and 8.16% respectively, earning per share (EPS) of 1.04 RMB.
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