- Monday 2010-02-08 18:28
Anhui Shenjian New Materials (002361), a company engaged in the production and sales of polyester resins, will raise 340 million yuan from its initial public offering (IPO) on the Small and Medium-sized Enterprises Board, reports p5w.net, citing a company announcement.
The issue price values the company at 36.17 times earnings.
The company intends to sell 20 million shares in its IPO, of which four million shares will be sold to institutional investors and 16 million shares will be allocated for the online portion of the IPO.
Proceeds raised from its IPO will be used to build a polyester resin project with annual production capacity of 50,000 tons. Total investment required by this project, to be constructed over a period of 15 months, is expected to hit 193.5 million yuan.
