China Knowledge reported that Hong Kong listed Great Wall Motor Co, China largest manufacturer of sports utility vehicles and pick up trucks raised CNY 3.96 billion through an initial public offering on the Shanghai Stock Exchange.

The company said in a statement that it issued 304.2 million A shares at CNY 13 apiece in the IPO. The IPO price is 13.54 times the firm's earnings per share in 2010.

Earlier, the auto maker set its IPO price range at between CNY 13 and CNY 14.

The company plans to use the proceeds from the IPO to fund seven auto part projects including the 100,000 unit GW4D20 diesel engine project and 300,000-unit EG engine project. The firm will invest a total of CNY 3.17 billion in the seven projects.

(Sourced from China Knowledge)