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Train manufacturer China CNR on track for $1.5bn IPO
Beijing-based China CNR Corp started receiving bids for a HK$11.3bn ($1.46bn) IPO on Wednesday, offering its shares at a tidy discount to its closest comparables. Demand is expected to be high, so much so that bankers have taken the unusual move of asking the regulator to cap the retail clawback.
China CNR is offering 1.82bn primary shares at an indicative price range of HK$5.00 to HK$6.20, which translates to a 2014 P/E multiple of 9.2-11.5 times. That puts China CNR at a discount to closest direct comparable CSR Corp, which trades at a 2014 P/E multiple of around
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