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Hainan Rubber to raise $709 million in Shanghai IPO

SHANGHAI, Dec 27 (Reuters) - China Hainan Rubber Industry Group said on Monday that it would raise up to 4.7 billion yuan ($709 million) in its equity initial public offering on the Shanghai Stock Exchange after it set an indicative price range.

Hainan Rubber, a leading Chinese rubber producer based in China’s southern island province of Hainan, set a price range of 5.50 to 5.99 yuan for an IPO of 786 million Shanghai A shares denominated in the yuan , it said in a statement published in the official Shanghai Securities News.

The company is issuing the shares to help raise funds to expand its rubber production, upgrade technology and supplement working capital, it said in an earlier share issue prospectus. ($1=6.63 Yuan) (Reporting by Lu Jianxin and Melanie Lee; Editing by Lincoln Feast7)

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