Guangzhou Shipyard in demand
GUANGZHOU Shipyard International has announced that so many subscription forms were sold for its A share offer in China that the issue could be about 210 times subscribed.
About 53.1 million forms were sold, entitling each applicant to 500 A shares if they are successful in a lottery to be held on October 9; there are 126.5 million shares on offer.
The company also announced that the chances of being successful in the lottery were about 3.69 in 1,000.
On that basis, the cost of acquiring each share will be 1.08 yuan more than the issue price of 5.23 yuan.
An investor would have to buy at least 271 forms to ensure success with one.
The company also said its employees' entitlements to subscribe for 28.4 million shares had been fully allocated.
These shares are part of the 126.5 million on offer.