Sinovel Sets IPO Price Range

(Beijing) - Chinese wind turbine maker Sinovel on January 3 said it plans to raise up to US$ 1.4 billion in an initial public offering in Shanghai.

The company said it will sell 105.1 million shares at 80 to 90 yuan each. The price range represents a price to earnings ratio of up to 48.83 based on the company's 2009 net profit.

Sinovel said 19.98 percent of the issuance will be sold offline, while the remaining shares will be sold online. Subscription started on January 4. So far, 72 investors have proposed to purchase a total of 269 million shares.