| Abstract | In July 1996, underwriters had no trouble selling a hot slice of Guangdong Provincial Expressway to international diners. The company issued 135 million B shares at $3.54 each to raise $455 million which will be used to expand its existing network of toll roads in Southern China. Despite the small size of the offering, sponsors Bank of America Asia and the Development Bank of Singapore, successfully sold the issue at roadshows in London and Edinburgh. Guangdong Provincial Express was priced at only eight times current earnings and institutions liked the story. |
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