Photoionization listed on the service road is also close to the point. Yesterday, the opto-electronic announcement on the service, company's stock public offering today, the issue price is $ 24/share, this corresponds to the price-earnings ratio is 55.81 times times, higher than the currently listed a-shares LED the company's average price/earnings ratios.
High valuations issued attention
According to service-opto-electronic Prospectus released yesterday, the issue does not exceed the number of shares 46.835 million, after the release of the total share capital of 25%. Within this network issued not more than 9.3 million shares, 19.86% of the total number of this release; online number issued 37.535 million shares. Today, at the same time implementing offline, online purchase.
It is worth mentioning is that 24 is 55.81 times times the issue price corresponds to the earnings/share, higher than the current average price-earnings ratio of listed company shares LED industry, more than in October average post about 60% new shares. After the release of its net assets per share were $ 10.24, 2.34 times times book value.
Market concern about high valuations issued, users have their performance calling into question the sustainability of growth 50%. In response, Li Xuliang, Chairman of Photoelectric responded that on, LED industry will start next year entered the stage of rapid development, and the company is the industry leader, will strive to achieve rapid and steady growth.
Actually raise money or more than $ 1.1 billion
Prior to this, photoelectric on said public listings intended to raise money for 463.4333 million, but at $ 24/share prices, if this issue is successful, its actual proceeds amounted to $ 1,124,040,000, exceeding raised 660.6067 million Yuan. Even after deducting the cost of issue, which raised NET funds will amount to $ 1,055,633,000.
Photoelectric disclose on the service, the public offering to raise the funds will primarily invested in four projects, namely LED outdoor lighting and landscape lighting projects, LED interior lighting, LED lighting deSign center of research and development projects and corporate transportation management center with a total investment of $ 463 million. Among them, LED outdoor lighting and landscape lighting project is "big head", with a total investment amounting to $ 203 million, accounted for half of the proposed investment project investment.
On photoelectric said, raise money for this proposed investment project demonstration fully, projects in line with national industrial policies, implementation of the project will further enhance the company's competitive position in the industry and brand influence. However, the company also said that there is a risk of raising investment projects: the four project investment amounted to 463.4333 million Yuan, 54% of net assets as at December 31, 2010, after the item put into production, a dramatic expansion of production capacity, the company may be due to lack of ability to market development, market expectations market risks of deviation causes is greater than the PIN.
Bulk manufacturing dozens of millionaire
Every company listed successfully, will bring up a number of wealthy, photoelectric on is no exception.
Large shareholders are optical highlight feature. According to reporter statistics, the company's public offering a total of 72 shareholders, institutional shareholders, there are 23 of these, 49 natural person shareholders. Natural person shareholder, holding the number ranged from 50,000 to 4.08 million shares, according to the calculation of offering price of $ 24, held by such shareholder value amounted to $ 1.2 million-$, several of which executives holding quantity of 700,000 shares, the company will become a multi-millionaire after listing.
Actual control of the electro-optical people on Wen Qi Li Xuliang and his wife have become billionaires. On this second person by group holding 48.517 million shares, 34.53% per cent of the total share capital; in addition Wen Qi 2.086 million shares shares held directly, 1.48% per cent of the total share capital. According to the price of $ 24, Li Xuliang and his wife shares market capitalisation will amount to $ 1.214 billion.
In addition, on the services of opto-electronic pre-IPO shares more than more than 20 institutional investors also benefited a lot. Public information displays, these bodies share price at $ 10-12/unit, stake in time from 2007, according to the calculation of offering price of $ 24, these institutions profit at more than 1 time, this is not a photoelectric to bet on compensation for part of the agreement.
