China’s Metersbonwe to raise 1.8 bln yuan from Shenzhen IPO
Metersbonwe Group, a manufacturer and retailer of casual clothing, said it is planning an initial public offering in Shenzhen this month to raise about 1.8 bln yuan.
In a statement filed with the Shenzhen Stock Exchange, Metersbonwe said it will launch retail subscriptions on Aug 14, with sales to institutional investors scheduled for Aug 13-14.
The company is planning to issue up to 70 mln A-shares, equivalent to 10 pct of enlarged share capital.
According to a prospectus filed with the Shenzhen Stock Exchange, up to 14 mln A-shares will be sold to institutional investors and the remainder will be sold to retail investors.
UBS Securities Co Ltd will be the lead underwriter for the IPO.
Metersbonwe plans to add 68 outlets nationwide with the IPO proceeds and improve its information system.
The company expects 2008 net profit of 582.31 mln yuan, up 59.98 pct, while operating revenue is seen at 4.5 bln, up 42.71 pct.
Founded in 1995, the company had sales of over 4 bln yuan in 2006. It currently has 17 major stores and 1,800 outlets across China.
Tags: IPO, Shenzhen-Stock-Exchange, Stock