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Equity· IPO

Ganyuan Foods’s IPO debut on Shenzhen Stock Exchange today

CKN
minutes 2020/07/31 02:05:36
2,016

Jul 31, 2020 (China Knowledge) - Ganyuan Foods (002991) to start trading on the Shenzhen Stock Exchange - SME Board today, at a public offering price of RMB 38.76 per share, raising RMB 903.26 mln. Its initial listing shares account for 25% of total outstanding shares. The company’s initial price-to-earning ratio (PE) stands at 22.99.

Guosen Securities acted as the lead underwriter and sponsor for the IPO.

Earlier, Ganyuan Foods said its IPO was 4,966 times oversubscribed. Since 2019 to date, A-shares IPOs achieved median oversubscription of 2,373 times and the highest at 8,375 times. We expect the IPO to hit limit of 44% increment in its first day of listing. For subsequent 30-day trading the performances can be obtained from our China IPO Weekly.

Ganyuan Foods Co Ltd is a manufacturer and wholesaler of dried and dehydrated foods. The Company was founded in February 2006 and is located in Pingxiang, China.

In financial year 2019, Ganyuan Foods garnered a total revenue of RMB 1.11 bln, up 22% YoY. In terms of net income, it achieved RMB 168 mln, up 40% YoY. Accordingly, return on equity (ROE) and return on asset (ROA) stood at 36.89% and 21.74% respectively, earning per share (EPS) of 2.4 RMB.

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