No true comps for China Vast Industrial’s $159m debut

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By Rev Hui
14 Aug 2014

China Vast Industrial Urban Development Company opened its HK$1.23bn ($159m) IPO on August 12, with books fully covered ahead of launch. But the absence of direct comparables means that investors are buying into a one-of-a-kind story.

The company is offering a total of 328m primary shares at a guidance of HK$2.75-HK$3.75, which translates to a 2014 P/E multiple of 3.6x-5.0x.

China Vast provides services focusing on the planning, development and operation of large-scale industrial towns in China — largely in co-operation with local governments. ...

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