Wing Fat Printing plans up to $89 mln HK IPO -source

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HONG KONG, March 10 (Reuters) - Wing Fat Printing, a spin-off of Shanghai Industrial Holdings Ltd (0363.HK: Quote, Profile, Research, Stock Buzz), plans to raise up to $88.5 million in a Hong Kong initial public offering, a source close to the deal said on Monday.

Wing Fat Printing, which kicks off a marketing roadshow for its IPO on Monday, is offering 150 million new shares with a 15 percent greenshoe option at a price range of HK$4.05 to HK$4.60 each, the source said.

The price represents a prospective price earnings multiple of 9.3 to 10.6 times its 2008 earnings.

The IPO will run from March 13 to 18 and a trading debut is set for March 28.

UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz) and BNP (BNPP.PA: Quote, Profile, Research, Stock Buzz) are the sponsors of the issue. (US$1=HK$7.8) (Reporting by Kennix Chim; Editing by Anne Marie Roantree)