It is reported that Great Wall Motor fixed the A share price of its initial public offering at between CNY 13 and CNY 14 and it plans to raise as much as CNY 4.26 billion.

Great Wall Motor suggested a price range of between CNY 18.27 and CNY 22.04 during its road show to institutional investors, but they felt the price was too high.

According to an earlier filing, the firm plans to issue 304 million A-shares accounting for 10.01% of its post-IPO total equity. Online subscription starts on September 19, while offline subscription on September 16. Proceeds will be used for seven core automobile component production projects. Guotai Junan Securities is the company’s underwriter for the IPO.

Great Wall Motor manufactures multi functional SUVs and it sold roughly 137,000 units in 2010 accounting for 11.3% market share.

(Sourced from Reuters)