China's first IPOs in four months draw robust demand
Published on Jun 20, 2014 10:32 AM
SHANGHAI (Reuters) - Four mainland Chinese IPOs drew huge demand after a four month hiatus on offerings, with auto parts maker Shanghai Lianming Machinery attracting interest around 515 times the amount on offer in the online portion of its sale.
This year saw the resumption of mainland Chinese listings after a 14-month drought imposed by regulators who were concerned about overpricing. But after a two month flurry of activity, no offerings were approved until last week, when seven firms got the go-ahead.
The four companies raised a total of 1.8 billion yuan (S$361 million), according to statements from the firms published on the Shanghai and Shenzhen stock exchanges.
The deals drew in a combined 380 billion yuan in bids, the China Securities Journal reported.
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