BEIJING, June 13 -- Datong Coal Industry Co. and Yunnan Salt & Chemical Industry Co. said yesterday they priced their initial public offerings (IPOs) at the top of their indicative price ranges.

Datong Coal set the price of its IPO at 6.76 yuan a share, the top of its previously disclosed indicative price range of 6 to 6.76 yuan a share.

At that price Datong Coal will raise 1.89 billion yuan (US$236.25 million) if it issues 280 million yuan-denominated A shares as planned.

Datong Coal's shares will have a price/earnings ratio of 12.61, based on its 2005 earnings and its share capital after the offering, the firm said.

Subscription to the institutional tranche of 56 million shares, or 20 percent of the offering, was completed last week. Subscription to the retail tranche of the remaining shares is today, Datong Coal said.

Capital Securities Co. is the lead underwriter of Datong Coal's IPO.

Datong Coal plans to make its trading debut on the Shanghai Stock Exchange before June 28, it said earlier.

Yunnan Salt plans to list on the Shenzhen Stock Exchange's small and medium-sized enterprises board June 28, it said in earlier statement.

Yunnan Salt set the price of its IPO at 7.30 yuan a share, the top of its previously disclosed indicative price range of 6.38 to 7.30 yuan a share.

At that price, Yunnan Salt will raise 511 million yuan if it issues 70 million new A shares as planned.

Yunnan Salt's shares will have a price/earnings ratio of 13.72, based on its 2005 earnings and share capital after the offering, the company said.

Subscription to the institution tranche of 14 million shares, or 20 percent of the offering, occured last week. Subscription to the retail tranche of remaining shares is set for today, Yunnan Salt said.

(Source: Shenzhen Daily/Agencies)