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It has an over-allotment option to sell up to US$93 million in additional shares. The deal size is below the high end of market expectations, as the size range was earlier pitched to investors as US$600 million to US$800 million.
Guangzhou Shipyard International Co is the only listed Chinese shipbuilder and its shares trade at 49x forward earnings, compared with 15x for South Korean rival Daewoo Shipbuilding.
Yangzijiang Shipbuilding Ltd. plans to sell a total of 993.2 million shares for up to $943.54 million in its IPO, a term sheet showed on Wednesday. The sale includes 662.2 million new shares and 331 million existing shares, which would be priced within a range of $0.70-$0.95 apiece, it said.
this one look like drumstick to me =)
Yangzijiang Shipbuilding, the self-professed 4th largest shipyard in China has lodged its preliminary prospectus with the MAS.
Yangzijiang, which also claims to be the leading privately-owned container ship builder and second largest privately-owned shipyard, builds mainly container ships and mini bulk carriers of up to 55,000 DWT or with a maximum loading capacity of 2,500 TEU.
However, the company, which as of end Dec '06 had an aggregate order book of RMB21.58bn worth of vessels to be delivered between '07 and '10, is building a new 793,000 sq m shipyard to complement its existing 200,000 sq m facility in Jiangyin city. To date, it has delivered more than 50 container ships with capacities of between 1,000 and 2,500 standard containers.
It will channel part of its proceeds from its IPO to finance its construction. FY06 turnover was RMB2.32bn, with net profit of RMB454.3m, up from FY05 sales of RMB1.53bn and net profit of RMB283.5m.
UBS and DBS are joint lead managers for the IPO.
If I'm not wrong, Yangzijiang is Chinese for Yangtze.
Yangzijiang Shipbuilding announced plans to start marketing a S'pore IPO of up to US$800 million this month.
It's slated to hold an investor education on its US$600-800 million listing on March 16 in Hong Kong and books open on March 28, it said.
when is the dateline to sub?
how much?
Yangtze Shipyard, one of China's oldest and biggest shipyards, plans to raise up to US$500 million in an IPO, sources familiar with the deal said.
Yangtze Shipyard, which is based in the coastal province of Jiangsu, near Shanghai, enters the market at an opportune time as one of its rival shipbuilders commands a high valuation due to China's booming trade.
Guangzhou Shipyard International, the mainland's 8th-largest shipbuilder, is currently trading at around 45x forward earnings.South Korea's Daewoo Shipbuilding trades at 14x estimated 2007 earnings.
Beijing has stated its ambition to make China the largest shipbuilder in the world within 2 years, and Guangzhou Shipyard is currently the only listed Chinese company in that industry. China State Shipbuilding Corp. is also eyeing an IPO. China is the world's 3rd-biggest builder of ships, behind South Korea and Japan.
UBS is handling the Yangtze deal.