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Equity· IPO

Panda Dairy ’s IPO debut on Shenzhen Stock Exchange today

CKN
minutes 2020/10/16 02:05:51
3,219

Oct 16, 2020 (China Knowledge) - Panda Dairy  (300898) to start trading on the Shenzhen ChiNext Market today, at a public offering price of RMB 10.78 per share, raising RMB 334.18 mln. Its initial listing shares account for 25% of total outstanding shares. The company’s initial price-to-earning ratio (PE) stands at 21.77.

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

Earlier, Panda Dairy  said its IPO was 5,891 times oversubscribed. Since 2019 to date, A-shares IPOs achieved median oversubscription of 2,814 times and the highest at 9,194 times. For subsequent 30-day trading the performances can be obtained from our China IPO Weekly.

Panda Dairy Corp is a company engaged in research, development, production and sales of concentrated dairy products. The Company operates two segments. The Concentrated Dairy Products segment provides sweetened condensed milk, evaporated milk, sweet milk sauce, cheese, whipping cream and other products. It sells products through its brand Panda and the products are applied in catering, baking, beverages, food processing, household consumption and other areas. The Dairy Trading segment is involved in procurement and sales of whole milk powder, skimmed milk powder, whey powder and so on.

In financial year 2019, Panda Dairy  garnered a total revenue of RMB 603.75 mln, up 0% YoY. In terms of net income, it achieved RMB 78 mln, down 28% YoY. Accordingly, return on equity (ROE) and return on asset (ROA) stood at 13.71% and 11.87% respectively, earning per share (EPS) of 0.72 RMB.

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