IPO expectations continue to heat up

The news about initial public offerings continues to heat up both on the mainland and in Hong Kong. After a nine-month pause, mainland IPOs are back. The latest company to join the party is Changsha-based retailer Your-Mart. While it may not win any awards for most original name, the company is expecting to raise about US$75 million in a July listing in Shenzhen. Down in Hong Kong, the excitement about new listings has prompted PricewaterhouseCoopers to revise upward its expectations for funds raised in Hong Kong IPOs in the second half. The consultancy now expects total funds raised this year to be around US$12.9 billion, up from its previous estimate of US$9 billion. Also heading up: fuel prices. As part of its ongoing attempts to push retail fuel prices toward levels that reflect international costs, the National Development and Reform Commission has raised wholesale and retail prices of both gasoline and diesel, effective today.