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Ningbo Ocean Shipping raises US$143m in Shanghai IPO
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Posttime:2022-12-20
A SUBSIDIARY of China's Ningbo-Zhoushan Port, Ningbo Ocean Shipping, has listed on the Shanghai Stock Exchange raising CNY1 billion (US$143.3 million) from its initial public offering (IPO).
The company's shares surged 44 per cent on the first day from its IPO price of CNY8.22 to CNY11.84, reports Singapore's Splash 247.
The proceeds are intended to be used for the purchase of bulk carriers, 10,000 TEU containerships and supplementary working capital projects.
According to Alphaliner, Ningbo Ocean Shipping ranks 34th among the top 100 container liner companies in the world with a fleet of 50 box ships.
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