Mingtai Aluminum seeks $187 million from Shanghai IPO

Beijing’s fiscal tightening measures and US jobless data are weighing on market sentiment, but Shanghai’s IPO market remains busy, with several companies ready to list.

Mingtai Aluminum is in the market for a Rmb1.2 billion $187 million IPO in Shanghai. The company is offering 60 million A-shares at between Rmb18 and Rmb20 each, which values the company at 25.7 to 28.5 times its projected 2011 earnings much higher than other Hong Kong-listed aluminium players. China Zhongwang, a maker of aluminium extrusion products, is priced at 5.88 times earnings, and China Hongqiao, which listed in Hong Kong in March this year after a $943 million IPO, is quoted at 4.9...