China Shipbuilding plans $2.16 billion IPO

China Shipbuilding Industry Co. said Thursday it plans to raise up to CNY14.72 billion ($2.16 billion) from its initial public offering, after setting an indicative range of CNY6.15-CNY7.38 a share for the offering.
China Shipbuilding, the country's largest ship equipment maker, said earlier it plans to sell up to 1.995 billion shares, or 30% of its enlarged share capital, before listing on the Shanghai Stock Exchange.
It said in a statement earlier it will use CNY6.44 billion of the proceeds to increase production capacity.
China Shipbuilding said CNY7.38, the top end of the IPO range, is equivalent to 42.14 times its 2008 earnings per share.
The Beijing-based company said it will accept share subscriptions from Friday to Monday. China International Capital Corp. will underwrite the deal, it said.

Source: http://online.wsj.com