New Century to Raise Finance Through IPO

24 January 2011 (Last Updated January 24th, 2011 18:30)

New Century Shipbuilding is planning to raise between $500m and $800m in an initial public offering, before it is listed in Honk Kong. The Chinese shipbuilder applied for the listing at the Hong Kong stock exchange this month and a listing hearing is likely to be scheduled for Februar

New Century Shipbuilding is planning to raise between $500m and $800m in an initial public offering, before it is listed in Honk Kong.

The Chinese shipbuilder applied for the listing at the Hong Kong stock exchange this month and a listing hearing is likely to be scheduled for February.

BOCI International and Deutsche Bank will oversee the deal.

New Century was to be listed on Singapore’s stock exchange in 2009, but the company withdrew its listing application in May, reportedly due to complaints of inaccuracies found in its prospectus, Dow Jones reports.