Sinovel Wind Group Co, China's largest wind turbine maker, aims to raise up to 9.46 billion yuan (US$1.4 billion) from its initial public offering in Shanghai, nearly three times its original target.

The company, which built the turbines for Shanghai's Donghai Bridge Wind Farm, plans to sell 105.1 million shares at 80-90 yuan each, according to price range released yesterday. Sinovel originally sought 3.45 billion yuan in the sale.

This will mark a new high for IPO price on the main board of the Shanghai Stock Exchange, far dwarfing the current record of 36.99 yuan set by Shenhua Energy Co in 2007. Last year, Shenzhen Hepalink Pharmaceutical Co posted a record IPO price of 148 yuan on Shenzhen's ChiNext start-up board.

Sinovel said the range represents 43.41-48.83 times its 2009 net profit. Analysts at Shenyin Wanguo Securities said the range is acceptable as at the top end, it represents only 25 times Sinovel's estimated 2011 earnings.

The A shares of Xinjiang Goldwind Sci & Tech Co, Sinovel's main domestic rival, trades at about 16.6 times estimated 2011 earnings.

Sinovel's price also indicates investor enthusiasm for renewable energy stocks though Huaneng Renewables, the wind unit of China Huaneng Group, scrapped plans for its Hong Kong IPO last month citing market volatility.

China has been doubling its installed wind capacity for years as part of a clean energy push.

Sinovel expects to grow at a compound annual rate of more than 30 percent by 2015, Chairman Han Junliang said during an online roadshow yesterday.

Subscriptions for Sinovel's IPO started yesterday and will continue today. It will set the IPO price tomorrow.

Sinovel has ambitions to become the world's top wind turbine maker in five years, overtaking industry leaders Vestas of Denmark and General Electric. The proceeds of the IPO will be used to fund expansion, Sinovel has said.