Ningbo Port seeks $1.9b IPO

Ningbo Port plans to raise as much as US$1.9 billion on the Shanghai Stock Exchange, which will be used to build new coal and container terminals, the Shanghai Daily reported.

This planned initial public offering could become the second-largest IPO in the Shanghai market this year.

The operator of the Chinese mainland's second-largest port by throughput will sell no more than 2.5 billion shares, or 19 percent of its stake.

The company will also sell no more than 2.35 billion shares on the Hong Kong stock exchange at an offering price not lower than that of its A shares after its Shanghai listing. Its offering in Hong Kong is expected to be completed by August 21.

The port operator plans to spend 84 percent of the funds raised on building and revamping berths while the rest will be used to procure equipment and as cash for operations.
(Source:www.cargonewsasia.com)