Everbright Securities plans to raise as much as Rmb 10.96bn yuan ($1.6bn) in the first IPO by a Chinese brokerage in almost seven years, reports Bloomberg. The unit of China’s largest state-owned investment group is taking advantage of a stock market rally and the resumption of IPOs in June under new rules designed to make IPO pricing more dependent on demand for a company’s stock. The targeted sale price would value the firm at 59 times 2008 earnings.

This entry was posted by Gwen Robinson on Monday, August 3rd, 2009 at 4:54 and is filed under Capital markets. Tagged with everbright. Edit this entry.