China board manufacturer makes $97 million from IPO.(China's Second Largest)($24 million share offer from Lee & Man Paper Manufacturing Ltd.)(Brief Article)
Official Board Markets, October, 2003
The $24 million share offer from Lee & Man Paper Manufacturing Ltd., Hong Kong, is priced at $.54 per share. Lee & Man, China's second-largest container board manufacturer, will raise approximately $97 million in net proceeds from its initial public offering. The company says these funds will be used for capital expenditure on production facilities and for debt repayment.
The company has also increased its IPO allocation to retail investors to 30 percent from 10 percent, while the remaining 70 percent is for institutional investors, down from 90 percent.
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