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新诺威(300765)新股网下询价策略

國元證券 ·  Mar 6, 2019 00:00  · Researches

On March 7, 2019, Novi Novi opened an online inquiry for quotations. There is no transfer of old shares in Sino Novi. According to the disclosure in the prospectus of intent to raise capital, issuance costs, and issuance volume, the estimated price of Sino Novi is 24.47 yuan, corresponding to a price-earnings ratio of 22.99 times, lower than the average monthly price-earnings ratio of 35.98 times for the food manufacturing industry, and below the red line of 23 times the price-earnings ratio. Using March 5, 2019 (T-6), the first two trading days before the initial inquiry began, as the benchmark date, the average daily market value of unrestricted A shares and non-restricted depository certificates held by other offline investors participating in the preliminary inquiry and their management placement targets in the Shenzhen market 20 trading days (including the benchmark date) before the benchmark date should be 60 million yuan (inclusive) or more. Taking into account the number of initial offline issues and Anxin Securities's valuation of the issuer, the lead underwriter set the minimum proposed purchase quantity for each placement target managed by the offline investor as 1 million shares, and the minimum change unit for the proposed purchase quantity as 100,000 shares. That is, the portion of each placement target managed by the offline investor that the proposed subscription quantity exceeding 1 million shares must be an integer multiple of 100,000 shares, and not more than 3 million shares.

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