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Tourism agency sets price range for IPO

China International Travel Service Corp is seeking to raise as much as 2.6 billion yuan (US$380.7 million) in a Shanghai initial share sale after setting a price range for the offer that most analysts said was in line with expectations.

The company priced the 220 million A shares, or 25 percent of its enlarged capital after the issuance, at between 10.80 yuan and 11.78 yuan, according to a filing with the Shanghai Stock Exchange yesterday.

The range would allow the Beijing-based company, China's biggest tourist agency, to raise 2.4 billion yuan to 2.6 billion yuan. The company earlier said it aimed to raise 1.7 billion yuan to fund a travel network, duty-free shops and other projects.

"China International's IPO comes at the right time because tourism-related stocks are in favor in the run-up to the National Day holiday," said Guolian Securities analyst Wei Chanjuan.

"Still," she added, "other recent new listings have not been very strong."

Leading position

Although some analysts said the price range was a bit on the high side and might damp demand for the shares, others said it appropriately reflects the company's value given its leading position in the domestic market.

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 Source : Shanghai Daily  Editor: Ivy
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