China GrenTech Corp plans an IPO of American depositary shares worth up to US$100 million. The wireless product and service provider will offer about 6.25 million shares at US$14 to US$16 each, according to a regulatory filing with the Securities and Exchange Commission. The company achieved net income of US$22.84 million in 2005 on revenue of US$88.76 million. IPO funds will go towards research and development, increasing capacity, better marketing and constructing new facilities. China GrenTech deals extensively with leading telecommunications firms China United Telecommunications Corp and China Mobile Telecommunications Corp.
You must log in to post a comment.