Lukewarm response to Ningbo Port IPO

Ningbo Port, the main operator of China’s second largest port of Ningbo, has raised RmB7.4bn (US$1.1bn) initial public offering (IPO) on the Shanghai Stock Exchange.
The company, owned by the local government, set its offering price at the top end of the indicative range of RmB3.18-3.7, according to a filing to the Exchange, valuing the company at 29.3 times its 2009 earnings on a diluted basis.