China shipyard to raise $250 mln in Singapore IPO-sources

JES International Holdings, a shipyard based in China, plans to raise as much as $250 million in an initial public offering in Singapore, sources close to the deal told Reuters.

The company, which filed a prospectus late on Monday, has a shipyard at Shiwei Port, Jingjiang City in Jiangsu Province in eastern China.

A source close to the deal told Reuters that the firm is looking to raise between $200 million to $250 million in the offering, likely in early December.

It plans to raise funds to finance the construction of a new production facility, repay a loan and for working capital.

ABN AMRO Rothschild and Oversea-Chinese Banking Corp are lead managers for the IPO, according to the prospectus

Source:Yahoo