Chinese wind turbine manufacturer Sinovel is seeking to raise up to US$1.4 billion through an initial public offering in Shanghai, nearly three times its original target, Reuters reported. Sinovel will sell up to 105.1 million shares at RMB80-90 (US$12.12-13.63) each, valuing the company at 42.41-48.83 times its 2009 earnings. Shanghai IPOs were priced at an average of around 30 times earnings last year. Qi Qi, an analyst at Shenyin Wanguo Securities in Shanghai, said Sinovel’s profit is likely to grow by 30% this year, which means the IPO range values the company at around 20 times earnings. However, he warned that increasing competition in the wind power sector could restrict future growth. Sinovel plans to use the proceeds from its listing to expand output – including the production of a 3 megawatt turbine – and for research and development. China has been doubling installed wind power capacity every year for the past several years.