WSJ reported that China's Xiwang Special Steel Company plans to raise up to USD 217 million in a Hong Kong initial public offering.

A person familiar with the situation said that the Shandong-based company, which will start taking orders from institutional investors plans to sell 500 million shares in an indicative price range of 2.65 Hong Kong dollars to USD 3.36 Hong Kong dollars each. The price range translates to 3.93 times to 5 times 2012 forecast earnings.

According to a term sheet, Xiwang Special Steel is scheduled to list on the Hong Kong stock exchange on February 23rd 2012. The maker of steel, steel pipes and gearings plans to use the proceeds to expand production lines.

(Sourced from online.wsj.com)