Rundong presses the pedal on $138m HK IPO

Cars - 230x150
By Rashmi Kumar
31 Jul 2014

China’s Rundong Automobile Group opened books for a HK$1.1bn ($138m) Hong Kong IPO on Thursday, in a deal that is being offered at a big discount to some of the issuer's closest comparables.

The car dealer is selling a total of 268.6m shares, of which 91% are primary. The shares are being pitched at HK$3.58-HK$3.98, and if priced at the top the deal will be worth $138m. 

At that price range the valuation translates to a 2014 P/E multiple of ...

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