Everbright Securities fixes IPO price range
Shanghai A-share candidate China Everbright Securities has fixed an indicative price range of 19 yuan (HK$21.55) to 21.08 yuan per share for its initial public offering, which would see it raise up to 10.96 billion yuan. In the mainland's first listing for a brokerage in nearly seven years, the group says the price range represents a price-earnings ratio of 44.19 to 49.02 times last year's earnings. The range is higher than analysts' expectations of 15 yuan to 20 yuan. The brokerage is due tomorrow to take orders for 520 million A shares on offer.