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Apprec zhuge_liang taking the time to write IPO updates, esp during this volatile mkt period.
Not sure how this PE compare w/ its competitors...think I'll hold tight to my 50 cents for now.
Hey, 50 cents can own abalone company!
CentraLand, a Chinese property developer launched its IPO of 245m new shares at $0.50 each for a mainboard listing. The company, based in the city of Zhengzhou in Henan province, expects to raise net proceeds of about $113.9m after expenses. The IPO comprises 5m shares available to the general public and 240m placement shares. CentraLand said that at $0.50 each, the offer shares are priced at a discount of about 11.3% to its estimated net tangible assets per share of $0.564 as at end-June last year.
Of the expected $113.9m in net proceeds, $38.3m will be used to buy land, $70.6m to boost a subsidiary's capital base, and the rest as working capital. The company is banking on increasing investment in property developments in Zhengzhou, growth in the city's population and rising disposable income among the city's residents to drive its growth.