GRG Banking successful IPO (SZSE: 002152)

GRG Banking Equipment Co., Ltd. China's largest domestic ATM manufacturer, has gained approval from the China Securities Regulatory Commission to go public on the Shenzhen Stock Exchange on August 13.

The company plans to raise about CNY 400 million by issuing a total of 36 million shares in the initial public offering in the country's A-share market.

Guangzhou Radio Group, the effective controlling shareholder of the being-listed company, owns 71.6006 million shares in the company, which accounts for about 67.1% of the company's pre-IPO capital stock.

InfoTech Pacific Ventures, the company's third largest shareholder, owns a 5.63% stake in the company, which is expected to be diluted to 4.12% after the listing.

The investment company, a venture capital affiliate of China's Ministry of Information Industry, invested CNY 20 million in the company in 2005.


Source: Sinocast LLC (The Financial Times Limited )