China Knowledge reported that Chongqing based China Automotive Engineering Research Institute Co Ltd or plans to launch an initial public offering on the Shanghai Stock Exchange.
The company said in a prospectus that it plans to issue up to 192 million shares, equivalent to 29.96% of its enlarged share capital, in the deal. The firm did not disclose its fund-raising target but said that proceeds from the IPO will be used to fund the R&D of automotive technologies and the construction of a test base which will cost about CNY 1.1 billion in total.
CAER will conduct a road show from May 18 to May 25 and give indicative IPO price range on May 29. Online subscription is scheduled on May 30.
CAER is mainly engaged in the technical services for the automobile industry including product development, technical consulting, test and the quality inspection and authentication, the manufacturing of special vehicles and key components of mono-train bogie, gas fuel system.
Source - China Knowledge