Sinovel Could Raise $1.4 Billion Through IPO

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Sinovel Wind Group Co., a China-based wind turbine manufacturer, plans to raise as much as $1.4 billion through an initial public offering (IPO), Reuters reports.

Sinovel plans to sell up to 105.1 million shares at 80 yuan to 90 yuan each, according to an exchange filing, potentially enabling the firm to raise as much as 9.46 billion yuan ($1.4 billion), nearly three times its original target of 3.45 billion yuan.

The company's IPO range represents 43.41 to 48.83 times the company's 2009 earnings, compared with an average of around 30 times for Shanghai IPOs last year.

SOURCE: Reuters

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