Grade B office property developer and investor Wah Tak Fung Holdings may have seen a subscription rate of about 60 times for its initial public share offering, which closes at noon today. Sources yesterday said that because investors were still guessing the final subscription rate, a grey market for the shares had not been formed. The company is offering 138 million new shares, or 25 per cent of its enlarged share capital, to the public at $1.88 a share. This represents a prospective price-earnings ratio of 11.4 times on a fully diluted basis, given forecast earnings per share of 16.5 cents for the year to March. The sources said investors in general welcomed the concept of Wah Tak Fung as a major player in the grade B office property market. Investors have expressed concern about the sustainability of the company's turnover, 63 per cent of which will come from property sales this year, because of its small land bank. They said the company's small size relative to other developers made it difficult to increase its land bank in public land auctions.