Tiangong International, the mainland's largest maker of steel tools, is marketing shares for its upcoming initial public offering at 13.2 times to 15.5 times forecast 2007 earnings, according to a sale document obtained by fund managers. The company is selling 130 million shares, of which 100 million are new shares while the rest are being sold by existing shareholders, at an offer price of HK$5.40 to HK$6.36 each, to raise up to HK$825 million. Jiangsu-based Tiangong has hired BNP Paribas to arrange the deal. The retail offering is slated for July 13 and trading is expected to start on July 26. The shares represent 32.5 per cent of the enlarged capital before completion of the offer.