IFR – China Yongda Automobiles Services Launches Hong Kong IPO

China Yongda Automobiles Services has launched its Hong Kong initial public offering, aiming to raise as much as HK$3.37 billion ($434 million), IFR, a Thomson Reuters publication reports. Baring Private Equity is investing as much as $120 million in offering, writes IFR.

Reuters – China Yongda Automobiles Services has launched its Hong Kong initial public offering, aiming to raise as much as HK$3.37 billion ($434 million), IFR, a Thomson Reuters publication reported on Monday.

The Shanghai-based car dealership operator is making available 312.2 million shares, or about 20 percent of its enlarged share capital, at an indicative price range of HK$7.60-HK$10.80 each, the report said.

The price range represents a 2012 P/E ratio of 8.1-11.5, IFR reported, adding that the deal had attracted two cornerstone investors. Baring Private Equity is investing as much as $120 million in offering and Oman Investment Fund will buy $30 million.