Ningbo Port Plans $2bn IPO

6 June 2010 (Last Updated June 6th, 2010 18:30)

Ningbo Port Group will raise around CNY13.3bn ($1.9bn) through an initial public offering on the Shanghai Stock Exchange to help fund the construction of new coal and container terminals. The company is planning to sell about 2.5 billion shares, or 19% of its stake, the China Securities

Ningbo Port Group will raise around CNY13.3bn ($1.9bn) through an initial public offering on the Shanghai Stock Exchange to help fund the construction of new coal and container terminals.

The company is planning to sell about 2.5 billion shares, or 19% of its stake, the China Securities Regulatory Commission said.

The group said it will also sell 2.35 billion shares on the Hong Kong stock exchange with the offering expected to be complete by 21 August.

BOC International Holdings, a unit of the Bank of China, will be the main underwriter of the listing, according to shanghaidaily.com.

Ningbo Port said it will spend 84% of the funds on the construction and renovation of berths while the remaining money will be used for the procurement of equipment and cash operations.