Yamato Glass Co., a Japanese maker of food containers, announced that it has set a pre-market price of 630 yen a share for its initial public offering of 700,000 shares.
At that price, the newly offe…
Yamato Glass Co., a Japanese maker of food containers, announced that it has set a pre-market price of 630 yen a share for its initial public offering of 700,000 shares. At that price, the newly offered shares will carry a price-to-earnings ratio of 12 times the company“s projected earnings per share of 52.67 yen for the fiscal year ending March 2000. The price gives the IPO a total value of 441 million yen. The pre-market price is based on the results of the company“s book-building exercise, which closed recently. The tentative price range for the book-building was between 530 and 630 yen. The company further discounted the price in view of risk of price fluctuation over the length of time until the shares open in over-the-counter trading.