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South Locomotive to debut on stock market 

(Agencies)
Updated: 2008-08-15 17:26

China South Locomotive & Rolling Stock Corp Ltd said it raised net proceeds of 6.37 billion yuan ($815 million) from its 3 billion A-share offering, and will list on the Shanghai Stock Exchange on Monday.

Proceeds from the offer will fund several projects, including some designed to raise its capacity for building high-speed railcars, urban light railcars and key parts.

The A-shares IPO price of 2.18 yuan was at the top end of the indicative range and implied a price-to-earnings ratio of 16.03 times 2008 projected net profit based on Chinese accounting standards, the company said in a statement to the Shanghai Stock Exchange.

China International Capital Corp and Industrial Securities Co Ltd are joint lead underwriters for the Shanghai IPO.