Chinese shipbuilder plans IPO in first half of 2010
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China Shipbuilding Industry Co., the country's second-largest shipbuilding company, expects to float its shares in an initial public offering (IPO) during the first half of next year, China Daily reported Friday.
The precise timing of the flotation depended upon regulatory approval, the newspaper said, citing Li Changyin, general manager of the company's parent, China Shipbuilding Industry Corp..
The company has said it would sell up to 1.995 billion shares, or 30 percent of its enlarged share capital, to seek a listing on the Shanghai bourse.
The company plans to use 6.44 billion yuan (about US$947 million) of the IPO proceeds to boost its production of ship parts and equipment, according to the newspaper.
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