Jul 31, 2020 (China Knowledge) - Shanghai Qifan Cable (605222) to start trading on the Shanghai Stock Exchange - Main Board today, at a public offering price of RMB 18.43 per share, raising RMB 921.5 mln. Its initial listing shares account for 12% of total outstanding shares. The company’s initial price-to-earning ratio (PE) stands at 22.98.
Haitong Securities acted as the lead underwriter and sponsor for the IPO.
Earlier, Shanghai Qifan Cable said its IPO was 2,709 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.
Shanghai Qifan Wire & Cable Co Ltd is a manufacturer and wholesaler of wire and cable, headquartered in China.
In financial year 2019, Shanghai Qifan Cable garnered a total revenue of RMB 7.65 bln, up 21% YoY. In terms of net income, it achieved RMB 333 mln, up 33% YoY. Accordingly, return on equity (ROE) and return on asset (ROA) stood at 23.94% and 10.49% respectively, earning per share (EPS) of 0.95 RMB.
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