Shanghai Huafon Aluminiumࢀ™s IPO debut on Shanghai Stock Exchange today – ChinaKnowledge

Shanghai Huafon Aluminium (601702) to start trading on the Shanghai Stock Exchange – Main Board today, at a public offering price of RMB 3.69 per share, raising RMB 921.13 mln. Its initial listing shares account for 25% of total outstanding shares. The companyࢀ™s initial price-to-earning ratio (PE) stands at 22.93. Industrial Securities acted as the lead underwriter and sponsor for the IPO. Earlier, Shanghai Huafon Aluminium said its IPO was 1,145 times oversubscribed. Since 2019 to date, A-shares IPOs achieved median oversubscription of 2,373 times and the highest at 8,375 times. We expect the IPO to hit limit of 44%…