China Shipping Container Shanghai IPO retail subscription on Dec 5

Hong Kong-listed China Shipping Container Lines Co Ltd (HK 2866) said it will launch retail subscriptions on Dec 5 for its initial public offering in Shanghai, with sales to institutional investors scheduled for Dec 4-5.

The company said it is planning to issue up to 2.34 bln shares, representing no more than 20 pct of its enlarged share capital.

According to a prospectus filed with the Shanghai Stock Exchange, up to 817.8 mln A-shares will be sold to institutional investors, and the remainder will be sold to retail investors.

The company said it will start a roadshow today in Beijing, Shanghai, Shenzhen and Guangzhou.

UBS Securities and China International Capital Corp are to jointly underwrite the issue.

The company said it expects to use 8.8 bln yuan of the IPO proceeds to fund the construction of 16 container vessels, two bln yuan to acquire container shipping-related assets from its parent, and 1.2 bln yuan to supplement working capital and repay bank loans.

The company said the stock is expected to start trading on Dec 12.


Source:Quote.com