Xinyi Glass Holdings begins its initial public offer today as the maker of glass used in cars looks to raise about $664.4 million from a listing on the main board next month.
The largest exporting business of its kind in China is offering 37.5 million shares to Hong Kong retail investors at between $1.69 and $2.04 until Thursday, representing a price-to-earnings ratio of 10.8 times to 13 times.
Another 337.5 million shares will be placed for international institutional investors.
Shares of the company will commence trading on February 3.
The company, which expects net profit for last year to have increased 27 per cent year on year to $235 million, said it would spend $440 million of its listing proceeds in setting up two float-glass production lines in Dongguan.
Chief executive Gerry Tung Ching-sai said the facilities would secure the firm's supply of float glass, which is used in the manufacture of its core product - glass used in cars and other motor vehicles.