Chinese automaker BYD raised a less-than-stellar 1.42 billion yuan ($219 million U.S. at the current exchange rate) in its initial public offering in Shenzhen, China late last week. Analysts say that BYD's IPO was weighed down by weak investor sentiment and worries over the automaker's poor performance.
- Eric Loveday
- Jun 16, 2011
Today, Chinese automaker BYD will kick off its so-called IPO roadshow. The Warren Buffet-backed BYD, the darling of China's automotive industry, is looking to sell up to 79 million shares in its push to go public in China. BYD didn't disclose exactly how much coin it expects to raise in its IPO, but did say that proceeds from the offering will fund three projects that require a total investment of 5.38 billion yuan ($830 million U.S. at the current exchange rate).
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