S$61 million IPO launched by China-based Sinostar PEC

Sinostar PEC, Chinese producer and supplier of downstream petrochemicals plans to raise S$61 million through an IPO. Sinostar is offering 160 million shares for sale priced at 38 cents each, through the IPO that closes on 24 September 2007. The IPO comprises of 150 million new shares and 10.4 million vendor shares. The company said 155.4 million shares will be sold via placement to institutional investors and the remaining 5 million shares to retail investors. Estimated net proceeds of 51.9 million dollars will be used to fund the company's working capital requirements and provide partial funding for its joint venture with Dongming Zhongyou. Sinostar PEC and Dongming Zhongyou will jointly invest 560 million yuan to build a gas fractionation facility. The facility can process 250,000 tons of gas annually, bringing Sinostar's raw liquefied petroleum gas production capacity to 600,000 tons per year.
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