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BIZCHINA / Light Industry |
Vinda to raise US$140.7m in HK IPOBy ()
Updated: 2007-06-25 11:20 Vinda International Holdings, a China-based manufacturer of sanitary paper products, plans to offer 300.57 million shares at HK$3.18-3.68 each in an initial public offering (IPO) in Hong Kong, a market source said. The company is expected to raise up to HK$1.1 billion (US$140.7 million) from the IPO, which will be used mainly to acquire additional machinery for sanitary paper production, according to the preliminary prospectus. The company recorded a net profit of HK$107 million last year, up 83 percent from 2005, it said, adding that it plans a dividend payout ratio of 25 percent after listing. Trading of the shares will start on July 10, the source said. Merrill Lynch is the sponsor. (For more biz stories, please visit Industry Updates)
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