The Shandong-based company, which will start taking orders from institutional investors Monday, plans to sell 500 million shares in an indicative price range of 2.65 Hong Kong dollars to $3.36 Hong Kong dollars each, the person said, adding the price range translates to 3.93 times to five times 2012 forecast earnings.
Xiwang Special Steel is scheduled to list on the Hong Kong stock exchange on Feb. 23, according to a term sheet. The maker of steel, steel pipes and gearings plans to use the proceeds to expand production lines, the term sheet says, For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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