Sinovel Wind to raise up to $1.4 billion in Shanghai IPO

Sinovel, China's top wind turbine producer, plans to raise up to $1.4 billion through an initial public offering in Shanghai, hoping to ride high on the back of strong demand for Chinese renewable energy stocks.

Sinovel Wind Group Co, which on Tuesday set a higher-than-expected price range for its IPO, looks poised to become China's first major IPO of the year.

2010 Hong Kong IPO's raised $50bn

It follows a bumper 2010 for IPOs in Asia, where companies raised over $50 billion in Hong Kong alone.

Sinovel competes with major domestic rivals Xinjiang Goldwind Science and Technology and Dongfang Electric Corp as well as global competitors including Vestas Wind, Siemens and General Electric Co

source:reuters.com