Pricing for the ABC debate, as the “Agricultural Bank of China Ltd. initial public offering of A shares results of the preliminary inquiry and issue prices range announcement,” the release stopped short.
28, the night ABC show in the Shanghai Stock Exchange announcement disclosed, A shares issued to finalize the price range is 2.52-2.68 yuan / share. Learned that ABC will be issued to secure the ceiling.
Notice show, A share price range corresponds to the level of the 2009 price-earnings ratio, such as earnings per share in 2009 net profit attributable to parent company divided by the owner before the number of shares issued in this calculation, for 11.28 times to 12.00 times. This method, the projected 2010 level of 8.21 times price-earnings ratio to 8.73 times.
It is understood, H shares than A shares price range for the 2.88-3.48 Hong Kong dollars / share. Aspects of H shares will be officially available for sale on the 30th, while the A shares offline subscription in time for July 1.
Agricultural Bank of China, a syndicate official said, the Agricultural Bank and the underwriters under the A share initial inquiry with the situation pre-road show, combined with the ongoing management of H shares of the international road shows and the International Placing book-building situation, taking full account of ABC fundamentals, the banking industry and comparable company valuations and market conditions and other factors, the final baked the Agricultural Bank of China in this price range.
The source pointed out that capital markets in relatively less uncertain environment, despite the enthusiastic pursuit of domestic and foreign investors, ABC finally abandoned the high priced, opting instead for a more cautious the price range to Quebaoshangxian distribution and stability of the market outlook Biao Xian Jiao Wei . 2.68 yuan / share the ceiling price corresponding to the Agricultural Bank in 2010 PB (book value, or price / earnings per share of net assets) is about 1.6 times higher than ICBC, CCB, 10% of the current PB discount. The prices are lower than previous market rumors, was also lower than the initial price of 2.7 yuan central inquiry.
It is reported that the preliminary inquiry, there were 91 inquiries object management object 244 to attend a preliminary inquiry Placing Price. Which provide an effective offer (refer to the declared value of not less than this price range lower limit 2.52 yuan / share) for placing a total of 214 objects, the corresponding purchase quantity, and for the 59,505,800,000 shares.
According to calculations, if the upper limit of the Agricultural Bank in accordance with the price range of pricing, and A shares, H shares are in full exercise of the over-allotment option, A share issue will reach 25.57 billion shares, H shares will be expanded to 29.22 billion shares, raising ABC funds will be more than 150 billion yuan, the size will exceed the previous record holder – the bank, a veritable “world’s largest IPO”.
ABC’s senior journalists from approaching people officer that ABC said it would issue to secure the ceiling. One brokerage analyst, said, 2.68 dollars for the price of the Agricultural Bank of China, and not expensive, he believes more than ABC pricing restrictions should be no problem. According to statistics, since 2010, Shanghai Stock Exchange-listed shares in the following limited release of only two.
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