Jiangsu Rongsheng Raises Investment Following IPO

Chinese shipbuilder Jiangsu Rongsheng Heavy Industries has raised about HKD$14bn ($1.8bn) in its initial public offering on the Hong Kong stock exchange. The company sold 1.8 billion shares at HKD$8 ($1) each, after offering them at HKD$7.3-HKD$10.1 ($0.94-$1.3). Trading of the

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Chinese shipbuilder Jiangsu Rongsheng Heavy Industries has raised about HKD$14bn ($1.8bn) in its initial public offering on the Hong Kong stock exchange.

The company sold 1.8 billion shares at HKD$8 ($1) each, after offering them at HKD$7.3-HKD$10.1 ($0.94-$1.3).

Trading of the shares will begin on the Hong Kong bourse on 19 November.

China Investment, China National Offshore Oil Corporation and China Life Insurance have purchased about $285m-worth of Rongsheng shares.

Rongsheng will use part of the sale proceeds to fund its shipbuilding and offshore engineering businesses, and to repay loans, according to lloydslist.com.