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China's Leading Pager Producer to Make IPO
China's leading pager and major mobile phone producer, Ningbo Bird Co., LTD, is to make an initial public offering of 40 million shares of common stocks at a minimum of 8.28 yuan per share.
According to the company's prospectus made available here today, the final scale of the issuance and the stock price would be determined by allotment and subscriptions.
The company expects to raise about 590 million yuan through the issuance.
The company, based in Ningbo City in east China's Zhejiang Province, holds the biggest pager market shares in China, selling 1.02 million pagers in 1998 and 1.4 million pagers in 1999.
However, increasing competition has affected profits.
The company is also one of the nine mobile phone producers approved by the Chinese government in 1999. It plans to spend most of the raised funds on increasing mobile phone production capacity.
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