Dalian Refrigeration looks to raise $297m from initial B-share listing
B-share listing candidate Dalian Refrigeration has decided to price its initial offer at a tentative range of between three yuan and 3.2 yuan a share, to raise up to 320 million yuan (about HK$297.8 million). This puts the issue on a price/earnings multiple of between 7.65 and 8.09 times its earnings last year of not less than 113 million yuan. The sale by the mainland's largest maker of industrial refrigeration equipment will start this month, and a promotional roadshow will begin in Hong Kong on Thursday. The issue represents 29.85 per cent of Dalian's enlarged share capital. Japan's Sanyo Electric has agreed to take a 10 per cent stake in Dalian by subscribing to about a third of the shares on offer.